Market News

Dollar to Naira exchange rate today, May 11, 2026: Nigerian currency sustains significant depreciation

The Naira depreciated significantly against the dollar at the official foreign exchange market on Monday, resuming the week on a negative note.

The Central Bank of Nigeria’s data showed that the Naira weakened to N1,373.16 on Monday, down from N1,361.39 traded last Friday.

This means that the local currency dropped by N11.77 against the dollar when compared to the N1,361.39 exchanged at the end of trading last week.

Meanwhile, at the black market, the Naira remained at N1,395 per dollar, the same rate recorded on Friday.

The development comes despite a rise in the country’s external reserves to $48.36 billion on May 8, 2026, up from $48.33 billion recorded the previous day, according to apex bank data.

Recall that the Naira on Friday dipped against the dollar to end the week on a negative note at the official foreign exchange market.