Naira appreciates slightly, closes at N1,372 to dollar

By Damilare Adeleye

Following the retainment of Monetary Policy Rate (MPR) at 26.5%, the naira has shown a marginal appreciation against the United States dollar at the Nigerian Foreign Exchange Market (NFEM), closing at N1,372.3079/$ on Thursday, May 21, 2026.

Data from the Central Bank of Nigeria’s exchange rate dashboard showed that the local currency strengthened slightly from the N1,373.3431/$ recorded on May 20, reflecting a modest gain of about N1.04 against the dollar.

The official market recorded a highest exchange rate of N1,374/$ and a lowest rate of N1,370/$ during trading on Thursday, while the closing rate settled at N1,372.75/$. The simple average rate for the day stood at N1,372.3163/$.

Further analysis of the trading data indicated that total NFEM interbank turnover for the day rose to $116.04m, significantly higher than the $68.02m posted in the previous trading session.

The market also recorded 105 interbank deals during the session.

The exchange rate dashboard further showed relative stability across other foreign currencies traded against the naira.

The euro closed at a selling rate of N1,590.7793, while the British pound sterling traded around the N1,884 region. The Saudi riyal sold at N365.6757, while the Chinese yuan/renminbi closed at N201.6676.

Other currencies quoted included the South African rand at N82.9480, the Danish krona at N212.8236, and the Japanese yen at N8.6179.

A chart accompanying the data indicated that exchange rates for major international currencies have remained relatively stable in recent trading sessions despite continued pressure in the foreign exchange market.

This appreciation comes a day after the Monetary Policy Committee (MPC) of CBN retained the Monetary Policy Rate (MPR) at 26.5% following its 305th meeting.

The committee maintained all key policy parameters at their current levels including the Facilities Corridor around the MPR at +50/-450 basis points, signalling a continued cautious stance on inflation management and broader macroeconomic stability.