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Market analysts attributed the latest fluctuation to sustained demand for foreign exchange from importers and manufacturers - CHANNELS TV

MAY 19, 2026

Market analysts attributed the latest fluctuation to sustained demand for foreign exchange from importers and manufacturers, despite ongoing interventions by monetary authorities aimed at stabilising the naira.

Data published by the Central Bank of Nigeria (CBN) showed that the naira recorded a slight depreciation against the United States dollar on Tuesday.

The currency traded at about N1,373.5 per dollar at the Nigerian Foreign Exchange Market (NFEM) window, compared to N1,372 recorded in the previous session.

Market analysts attributed the latest fluctuation to sustained demand for foreign exchange from importers and manufacturers, despite ongoing interventions by monetary authorities aimed at stabilising the naira.

The CBN’s exchange rate data also indicated that turnover in the interbank foreign exchange market increased significantly to about $76.3 million, reflecting improved trading activity in the market.

Meanwhile, suggesting relatively stable performance in recent trading sessions despite mild volatility, data trackers showed the USD/NGN exchange rate hovering around N1,371 on Tuesday.

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