Nigeria exchange rates — Nigeria’s foreign exchange market remained relatively stable on Saturday, May 16, 2026, despite continued pressure on the naira in recent trading sessions.
Meanwhile, analysts say stronger oil earnings and improved FX liquidity helped reduce volatility in the official market. In addition, recent Central Bank interventions supported the naira against major foreign currencies.
Furthermore, global market sentiment shifted after the U.S. dollar strengthened against the euro and other currencies amid expectations of possible U.S. interest rate hikes.
At the same time, S&P Global Ratings upgraded Nigeria’s sovereign credit rating from “B-” to “B,” citing improved macroeconomic conditions, higher oil production, and exchange rate reforms.
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Nigeria Exchange Rates – Saturday, May 16, 2026
| Currency | Official Market Rate (₦) | Parallel / Black Market Rate (₦) | Mid-Market / Indicative Rate (₦) |
|---|---|---|---|
| US Dollar (USD) | ₦1,368 – ₦1,371 | ₦1,385 – ₦1,400 | ₦1,370 |
| Euro (EUR) | ₦1,600 – ₦1,605 | ₦1,640 – ₦1,670 | ₦1,603 |
| British Pound (GBP) | ₦1,848 – ₦1,852 | ₦1,900 – ₦1,940 | ₦1,850 |
| Chinese Yuan (CNY) | ₦189 – ₦192 | ₦195 – ₦200 | ₦190 |
| Japanese Yen (JPY) | ₦9.9 – ₦10.2 | ₦10.5 – ₦10.9 | ₦10.1 |
| Canadian Dollar (CAD) | ₦1,010 – ₦1,025 | ₦1,060 – ₦1,085 | ₦1,018 |
| Swiss Franc (CHF) | ₦1,510 – ₦1,525 | ₦1,580 – ₦1,620 | ₦1,515 |
| Saudi Riyal (SAR) | ₦365 – ₦370 | ₦375 – ₦385 | ₦368 |
| UAE Dirham (AED) | ₦370 – ₦375 | ₦380 – ₦390 | ₦372 |
Market Update
According to recent market data, the naira appreciated slightly in the official market due to increased turnover at the Nigerian Foreign Exchange Market (NFEM). In fact, turnover recently climbed to a record level in a single trading session.
However, foreign exchange demand remains high across commercial banks and the parallel market. As a result, the gap between official and street rates continues to persist.
Experts also believe rising crude oil prices could continue to support Nigeria’s external reserves and improve FX inflows in the coming weeks.
Important Notice
Exchange rates may vary depending on location, transaction volume, and market demand. Therefore, readers should confirm rates with banks or Bureau de Change operators before carrying out transactions.
Stay with Sojworldnews for daily exchange rate updates, business news, and economic analysis.
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