Black Market / Naira Exchange Rate Today Saturday, May 16, 2026
As of Saturday, May 16, 2026, the Nigerian naira continues to trade under pressure in both the official and parallel foreign exchange markets due to sustained demand for foreign currencies by importers, travelers, manufacturers, and investors.
Analysts in the financial and stock exchange sectors say the Central Bank of Nigeria’s ongoing reforms and interventions have helped reduce extreme volatility compared to previous years, although the naira still fluctuates daily against major global currencies.
In the official foreign exchange market monitored by financial institutions and investors, the US dollar is trading around ₦1,370–₦1,373 per dollar today. Market observers on the Nigerian stock and financial exchange scene note that liquidity conditions, crude oil earnings, foreign reserves, and diaspora remittances continue to influence the movement of the naira. Foreign portfolio investors are also closely watching inflation and monetary policy decisions before committing more capital into Nigeria’s markets.
Other major international currencies also remain strong against the naira today. The Euro (€) is trading at approximately ₦1,530–₦1,545, while the British Pound Sterling (£) is exchanging around ₦1,810–₦1,830 due to the pound’s continued strength in global markets. The Chinese Yuan (¥) is averaging about ₦188–₦192, reflecting increasing trade activities between Nigeria and China.
Meanwhile, the Australian Dollar (A$) is trading around ₦885–₦905, while the Canadian Dollar (C$) is exchanging between ₦995–₦1,015 today. Financial experts say the performance of these currencies against the naira is affected not only by Nigeria’s domestic economy but also by international commodity prices, global interest rates, and investor confidence across emerging markets.
Hafsoh Isiaq is a graduate of Linguistics. An avid writer committed to creative, high-quality research and news reportage. She has considerable experience in writing and reporting across a variety of platforms including print and online.
