Naira Falls Again as Dollar Pressure Sparks Fresh Panic in Nigeria

The Nigerian naira weakened slightly against the US dollar on Tuesday, May 19, 2026, in both the official and parallel markets, as demand for foreign exchange continued to weigh on the local currency.

Central Bank of Nigeria figures showed the naira exchanging at roughly ₦1,373.5 to the dollar at the official market window, a marginal drop from ₦1,372 recorded in the previous trading session.

In the parallel market, the dollar changed hands at around ₦1,395, rising from approximately ₦1,390 at the end of trading the previous Friday.

This pushed the gap between the official and black market rates to about ₦21.5 per dollar.

Analysts linked the decline to persistent foreign exchange demand from importers and manufacturers, despite the Central Bank's ongoing efforts to stabilise the currency.

On a brighter note, trading activity in the interbank foreign exchange market picked up considerably, with turnover climbing to around $76.3 million.

External tracking platforms also placed the USD/NGN rate at approximately ₦1,371 on Tuesday, pointing to relatively steady performance in recent sessions despite some mild fluctuations.