- Once again, the Nigerian currency has declined against the dollar, both in the official and unofficial markets
- It is the same scenario against the British pound and the euro, as the market remains very sensitive to changes
- The apex bank continues to be heavily reliant on oil earnings for substantial forex inflow to boost reserves
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 has weakened slightly against the United States Dollar, while other currencies remain relatively steady at both official and unofficial markets.
Latest data from the Central Bank of Nigeria showed that the naira weakened slightly against the United States Dollar on Tuesday, May 19, in the official Nigerian Foreign Exchange Market (NAFEM).
Photo: Bloomberg
Source: Getty Images
New exchange rate
The local currency depreciated by 17 Kobo or 0.01% to close at N1,373.87/$1, compared with N1,373.70/$1 recorded in the previous trading session.
However, He gains against the British Pound Sterling and the Euro within the same market window.
It appreciated by 5 Kobo to settle at N1,839.61/£1, compared with Monday’s rate of N1,839.66/£1. It also strengthened by N5.97 against the euro to close at N1,594.52/€1, against the previous N1,600.49/€1.
Also, data from GTBank forex trading bench showed the naira appreciating by N2 against the Dollar, closing at N1,381/$1, compared with N1,383/$1 in the previous session.
In the parallel market, the Nigerian currency traded unchanged at N1,390/$1, reflecting stable demand conditions outside the official window.
A Bureau De Change (BDC) operator, Abdullahi, said trading levels remained relatively steady across major currencies.
He said:
“We buy dollars at N1,385, while the selling rate is N1,395. The British pound sterling is buying at N1,855 and selling at N1,870. The euro is buying at N1,597 and selling at N1,612.”
Photo: CBN
Source: Twitter
CBN exchange rates
- CFA: N2.44
- Yuan/Renminbi: N201.81
- Danish Krona: N213.33
- Euro: N1,594.52
- Yen: N8.63
- Riyal: N366.10
- South African Rand: N82.21
- SDR: N1,886.88
- Swiss Franc: N1,740.40
- Pounds Sterling: N1,839.61
- US Dollar: N1,373.87
- WAUA: N1,877.08
- UAE Dirham: N374.03
CBN relaxes PTA, BTA rules
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 from June 1, 2026, travellers will now be allowed to receive 25 per cent of their PTA and BTA in cash dollars, while the remaining 75 per cent will continue to be processed electronically through debit and credit cards.
The move signals a notable shift from the apex bank’s earlier strict cashless directive and is expected to bring relief to many Nigerians travelling abroad for personal and business purposes.
Source: Legit.ng