The naira kept sliding against the US dollar at Nigeria’s official foreign-exchange window at the start of the week, extending a broader weakening trend even as foreign reserves have improved. Central bank figures showed the currency weakening further on Monday, signalling continued pressure on FX conditions for businesses and households relying on dollar-linked pricing.
Key takeaways
- On Monday, the naira weakened to N1,373.70 per dollar at the official market.
- That compares with N1,371.04 per dollar on Friday, indicating a further fall at the official window.
- The naira moved down by N2.66 per dollar on Monday versus the rate recorded on Friday.
- In the black market, the naira held steady at N1,400 per dollar, matching the end-of-weekend trading rate.
- Foreign reserves recovered to $48.58 billion as of 15 May 2026, despite the continued naira depreciation.
Official FX rate slips as the week begins
Central Bank of Nigeria data indicated that the naira lost ground against the dollar at the official foreign exchange market on Monday. The exchange rate was recorded at N1,373.70 per dollar, compared with N1,371.04 per dollar traded on Friday. In practical terms, this points to another depreciation of N2.66 per dollar on Monday relative to the figure from the previous trading day.
Parallel market holds steady amid reserve rebound
While the official rate softened further, the parallel or black market rate did not change. The naira stayed at N1,400 per dollar, the same level at which it closed on the last working day. The mixed picture—official weakness alongside stability in the black market—came despite a reported strengthening in Nigeria’s external buffers, with foreign reserves rising to $48.58 billion as of 15 May 2026.
Last week, the naira depreciated against the dollar across foreign exchange markets, and Monday’s official-market movement continued that negative momentum. The combination of a weaker official rate and a stable parallel rate suggests that market participants may be pricing in continued currency pressure even as reserves show signs of support.
