The naira recovered against the US dollar on Wednesday, May 13, 2026, strengthening at Nigeria’s official foreign-exchange window after slipping for two straight sessions. The currency’s rebound comes alongside an increase in the country’s foreign reserves, a move that can help support liquidity and market confidence.
Key takeaways
- On Wednesday, the naira strengthened at the official foreign exchange market after two days of depreciation.
- The Central Bank of Nigeria data showed the naira rose to N1,370.56 per dollar from N1,375.6219 on Tuesday.
- This reflected a day-to-day improvement of N5.1 in the official rate.
- In the parallel/black market, the dollar price for naira stayed flat at N1,395 per dollar, unchanged from Tuesday.
- Foreign reserves climbed to $48.48 billion as of May 12, 2026, per central bank figures.
Official rate rebounds while parallel market holds steady
At Nigeria’s official foreign exchange market, the naira recorded its first gain since the start of last week, moving higher against the dollar on Wednesday. Central Bank of Nigeria figures indicated that the exchange rate improved to N1,370.56 per dollar, compared with N1,375.6219 that was recorded on Tuesday.
On a day-to-day basis, the currency firmed by N5.1 at the official window, reversing the negative momentum seen over the preceding two sessions. In contrast, the parallel market did not mirror the official improvement: the exchange rate there remained unchanged at N1,395 per dollar, the same level as the prior day.
Reserves increase adds support
The currency’s rebound is occurring as Nigeria’s foreign reserves rose to $48.48 billion on May 12, 2026, according to the central bank’s latest data. The improvement in reserves can provide additional backing for external payments and may influence how traders price risk in currency markets.
It also follows a recent stretch in which the naira weakened against the dollar at the official foreign exchange market over the past two days, highlighting how quickly sentiment and liquidity conditions can shift between sessions.
