Naira to Dollar exchange rate today, Tuesday, May 12, 2026

The Nigerian naira traded with slight fluctuations against the United States dollar on Tuesday, May 12, 2026, exchanging at about ₦1,358/$1 at the official Nigerian Foreign Exchange Market (NFEM), while the dollar sold between ₦1,400 and ₦1,410 in the parallel market amid sustained demand for foreign currency.

Data released by the Central Bank of Nigeria showed that the local currency recorded marginal appreciation at the official market compared to previous trading sessions, reflecting continued efforts to stabilise the forex market.

Trading activity within the NFEM saw the dollar quoted between ₦1,352 and ₦1,365, depending on transaction volumes and participating financial institutions.

Meanwhile, checks across Bureau De Change operators in Lagos, Abuja, and other major cities indicated that the dollar traded at around ₦1,390 for buying and between ₦1,400 and ₦1,410 for selling in the black market.

Demand Pressure Persists

Financial analysts attributed the relative stability of the naira to sustained interventions by the Central Bank of Nigeria and improved foreign exchange inflows into the official market.

They, however, noted that rising demand for dollars from importers, manufacturers, foreign school fee payments, and international travel continues to place pressure on the local currency.

Market observers also pointed to the narrowing gap between official and parallel market rates as a sign of improving confidence in the formal forex market.

Market Outlook Remains Cautious

Despite the recent stability, experts warned that inflationary pressures and external sector vulnerabilities could still affect the naira’s performance in the coming weeks.

Currency dealers added that movements in global crude oil prices, foreign portfolio investments, and future monetary policy decisions by the Central Bank of Nigeria will remain key factors influencing the forex market.