Naira to US Dollar conversion rate for May 20, 2026

The Nigerian naira's value fluctuated against the US dollar on Wednesday, May 20, 2026, with varying outcomes in both the official Nigerian Foreign Exchange Market and the parallel market, as the demand for foreign exchange continued unabated.

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This development was marked by a slight decline in the naira's value, with the Central Bank of Nigeria's data revealing a closing rate of approximately ₦1,373.65 per dollar at the official NFEM window, representing a marginal depreciation of 15 kobo from the previous session's ₦1,373.50.

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In the parallel market, the exchange rate for the dollar was around ₦1,390 for purchases and ₦1,400 for sales in key cities like Lagos and Abuja, reflecting the market's prevailing rates.

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The difference between the official and parallel market exchange rates remained relatively small, underscoring the ongoing efforts of monetary authorities to stabilise the foreign exchange market and enhance liquidity.

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According to analysts, the naira's recent movements can be attributed to the persistent demand for dollars from importers and businesses, despite the Central Bank's interventions aimed at increasing the dollar supply in the formal market.

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The Nigerian Foreign Exchange Market remains the country's official platform for foreign exchange, where exchange rates are determined through market forces and supervised by the Central Bank of Nigeria.