The Nigerian currency has once again experienced a decline against the United States dollar in both official and unofficial markets, while showing mixed performance against other major currencies. The naira weakened slightly on Tuesday, May 19, 2026, in the official Nigerian Foreign Exchange Market (NAFEM), according to the latest data from the Central Bank of Nigeria (CBN).
Official Market Performance
In the official market, the naira depreciated by 17 kobo, or 0.01 percent, closing at N1,373.87 per US dollar, compared to N1,373.70 per dollar recorded in the previous trading session. This marginal decline reflects continued demand pressure on the foreign exchange market.
However, the local currency recorded gains against the British pound sterling and the euro within the same market window. The naira appreciated by 5 kobo against the pound, settling at N1,839.61 per pound, compared to Monday's rate of N1,839.66 per pound. Against the euro, the naira strengthened by N5.97, closing at N1,594.52 per euro, up from the previous N1,600.49 per euro.
GTBank and Parallel Market Rates
Data from GTBank's forex trading bench showed the naira appreciating by N2 against the dollar, closing at N1,381 per dollar, compared to N1,383 per dollar in the previous session. In the parallel market, the naira remained unchanged at N1,390 per dollar, reflecting stable demand conditions outside the official window.
A Bureau De Change (BDC) operator, Abdullahi, stated that trading levels remained relatively steady across major currencies. He reported buying dollars at N1,385 and selling at N1,395. For the British pound sterling, the buying rate was N1,855 and the selling rate N1,870. The euro was buying at N1,597 and selling at N1,612.
CBN Exchange Rates for Other Currencies
The CBN also published exchange rates for other currencies, including the CFA franc at N2.44, Chinese yuan/renminbi at N201.81, Danish krona at N213.33, Japanese yen at N8.63, Saudi riyal at N366.10, South African rand at N82.21, Special Drawing Rights (SDR) at N1,886.88, Swiss franc at N1,740.40, West African Unit of Account (WAUA) at N1,877.08, and UAE dirham at N374.03.
CBN Relaxes PTA and BTA Rules
In a related development, the Central Bank of Nigeria 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). This move gives travellers renewed access to cash dollars. Under the revised Foreign Exchange (FX) Manual, effective from June 1, 2026, travellers will now be allowed to receive 25 percent of their PTA and BTA in cash dollars, while the remaining 75 percent will continue to be processed electronically through debit and credit cards. This 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.
