Naira Mixed Against Major Currencies as CBN Holds Steady on FX Policy
By Aboki Forex —
The naira posted mixed results across Nigeria’s foreign exchange markets on Tuesday, May 19, weakening slightly against the dollar in the official window but gaining ground against the British pound and the euro.
Data from the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NAFEM) showed the local currency depreciated by 17 kobo, or 0.01%, to close at N1,373.87/$1. That compares with N1,373.70/$1 recorded in the previous trading session.
However, the naira strengthened against the British pound sterling by 5 kobo, settling at N1,839.61/£1, down from Monday’s rate of N1,839.66/£1. It also gained N5.97 against the euro, closing at N1,594.52/€1, compared with N1,600.49/€1 previously.
In the parallel market, the naira traded unchanged at N1,390/$1, reflecting stable demand conditions outside the official window. A Bureau De Change operator, Abdullahi, confirmed that trading levels remained 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.”
At the GTBank forex trading desk, the naira appreciated by N2 against the dollar, closing at N1,381/$1, compared with N1,383/$1 in the previous session.
Other currency rates from the official window on Tuesday included: CFA N2.44, Yuan/Renminbi N201.81, Danish Krona N213.33, Yen N8.63, Riyal N366.10, South African Rand N82.21, SDR N1,886.88, Swiss Franc N1,740.40, WAUA N1,877.08, and UAE Dirham N374.03.
The Central Bank of Nigeria continues to rely heavily on oil earnings for substantial forex inflows to boost reserves. The market remains sensitive to changes in dollar supply and demand dynamics.
In a related development, the CBN recently 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). Under the revised Foreign Exchange (FX) Manual, which takes effect from June 1, 2026, travellers will now be allowed to receive 25% of their PTA and BTA in cash dollars. The remaining 75% 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.