Naira Gains Against US Dollar, British Pounds in Official Market
- The naira appreciated slightly against the United States dollar in the Nigerian Foreign Exchange Market (NAFEM)
- It was a good day for Nigerian currency against the euro and the British pound in the official market
- The CBN Monetary Policy Committee (MPC) has reaffirmed its commitment to exchange rate stability
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira traded higher against the United States dollar in the Nigerian Foreign Exchange Market (NAFEM) after it closed at N1,372.31 per dollar on Thursday, May 21st.
The latest rate is a N1.03 (0.07%) gain from the previous session's N1,373.34.
Source: Getty Images
Additionally, data from the Central Bank of Nigeria showed that the naira was stronger than the euro, gaining N1.75 and closing the day at N1,590.78 to one euro, compared with N1,592.53 to the euro on Wednesday.
However, it depreciated slightly against the British pound, dropping N0.26 from N1,840.00 to close at N1,840.26 to one pound.
In the parallel market (also called the black market) and at the GTBank FX counter, the naira recorded little or no change to the US dollar in each instance, trading at N1,390/$ and N1,379/$, respectively.
Data sourced from the market had it that interbank FX liquidity turnover for the session amounted to $116.043 million and closed with a record of 105 deals compared to $68.020million from the session before.
CBN maintains reform-driven FX policy stance
The CBN have restated their continued commitment to implementing the current reforms that will lead to a stable exchange rate and inflation.
Speaking after the Monetary Policy Committee, CBN Governor Yemi Cardoso declared that the exchange rate remains the key anchor of the CBN’s policy stance and stated that the recent reforms to market structure have decreased the need for large central bank intervention in the market.
Cardoso stated that daily foreign exchange turnover in the market has drastically increased to about $550 million from about $100 million on the inception of this government, and with intra-day surges that went up to about $1billion
The CBN Governor projected that the turnover is expected to reach $1 billion daily as these reforms grow, with a resultant boost in market confidence.
Cardoso said:
“Gross external reserves remained robust at US$49.49 billion as of 15th May 2026 compared with US$48.35 billion at end‑March 2026, sufficient to cover 9.04 months of imports for goods and services. This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.”
Source: Twitter
Snapshot of naira rates in the official market
- CFA: N2.43
- Yuan/Renminbi: N201.67
- Danish Krone: N212.82
- Euro: N1,590.78
- Yen: N8.62
- Riyal: N365.68
- South African Rand: N82.95
- SDR: N1,884.73
- Swiss Franc: N1,738.20
- Pound Sterling: N1,840.26
- US Dollar: N1,372.31
- WAUA: N1,877.34
- UAE Dirham: N373.59
CBN on PTA, BTA
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has introduced a major adjustment to its foreign exchange policy by partially relaxing its 2024 cashless rule on Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), giving travellers renewed access to cash dollars.
Under the revised Foreign Exchange (FX) Manual, which takes effect on June 1, 2026, travellers will now be allowed to receive 25% of their PTA and BTA in cash dollars, while the remaining 75% will continue to be processed electronically through debit and credit cards.
Source: Legit.ng
