Naira Trades Mixed Against Dollar as Reserves and Liquidity Shift

The Nigerian naira traded with mixed direction against the US dollar in the official and parallel foreign exchange markets over the past several days, as traders weighed Central Bank of Nigeria interventions, liquidity conditions, and recent changes in the country’s foreign reserves. On Thursday, May 14, 2026, the naira was quoted around 1,375.62 per dollar at the Nigerian Foreign Exchange Market window, while the dollar in the parallel market was reported in a range of about 1,395 to 1,405 depending on location and transaction size.

The week began with depreciation pressure at the official window. On Monday, May 11, the naira closed at 1,373.16 per dollar, down from 1,361.39 at the end of the previous session, while the parallel market rate held steady at about 1,395. Analysts attributed the earlier weakening to limited dollar liquidity, external payment obligations, and expectations around upcoming monetary policy decisions, alongside the Central Bank’s ongoing efforts to manage access to the official window through interventions.

Despite the volatility, there were also signs of stabilization. On Wednesday, May 13, the official exchange rate strengthened to 1,370.56 per...