The Nigerian naira recorded a mixed performance on Monday, May 12, 2026, with the currency depreciating slightly in the official market to N1,375/$ while remaining largely stable across the parallel market.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed at ₦1,375 per US dollar, compared with ₦1,364/$ in the previous session.
This represents a depreciation of ₦11, or 0.80%, reflecting modest pressure on the local currency amid global geopolitical uncertainty and a stronger US dollar.
Parallel Market Rates
Rates at Bureau De Change (BDC) operators were mostly unchanged:
- US Dollar (USD): ₦1,390/$ (unchanged)
- British Pound (GBP): ₦1,835/£ (weakened by ₦5)
- Euro (EUR): ₦1,605/€ (strengthened by ₦5)
- Canadian Dollar (CAD): ₦1,005/C$ (unchanged)
External Reserves Higher
Nigeria’s gross external reserves rose slightly to $48.363 billion, up from $48.326 billion, representing a daily increase of 0.08%.
The uptick suggests continued support from oil receipts and improved foreign exchange inflows.
The naira’s modest decline in the official market comes as renewed tensions in the Middle East push investors toward the US dollar, traditionally viewed as a safe-haven asset.
At the same time, rising crude oil prices, Brent crude is trading above $104 per barrel could strengthen Nigeria’s foreign exchange earnings if elevated prices are sustained.
