The Naira lost 33 Kobo or 0.02 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, May 14, to trade at N1,370.89/$1 compared to the preceding day’s N1,370.56/$1.
However, the local currency further appreciated against the Pound Sterling in the official FX market during the session by N1.61 to close at N1,851.38/£1 versus N1,852.99/£1, and improved its value against the Euro by N2.21 to trade at N1,602.98/€1 versus Wednesday’s closing price of N1,605.19/€1.
Also, at the GTBank forex counter, the Nigerian currency gained N1 against the Dollar yesterday to sell for N1,381/$1 compared with midweek’s rate of N1,383/$1, and at the black market, it closed flat at N1,385/$1.
Data from the Central Bank of Nigeria (CBN) indicated that interbank FX turnover fell to $78.783 million across 103 deals from $130.549 million the previous day.
The Naira is forecast to be broadly stable, supported by dollar sales by the central bank and steady, higher oil receipts, with the market settling into a balance.
As of May 12, 2026, the country’s external reserves increased by $150 million or 0.2 per cent to $48.48 billion from $48.33 billion on May 5, 2026, providing support for the domestic currency.
In the cryptocurrency market, major digital coins closed mixed amid broader macroeconomic selling pressure.
Also, the US Senate Banking Committee approved the bipartisan Clarity Act, a key step toward comprehensive crypto market structure legislation that now heads toward a merger with a similar Agriculture Committee bill.
Investors bet that clearer US rules, including the Clarity Act’s separation of payment stablecoins from investment assets, will ease regulatory overhangs on its use case.
On the geopolitical scene, President Trump said the US does not need to reopen the Strait of Hormuz, changing an earlier stance and deepening concerns about elevated energy costs feeding into inflation.
Ripple (XRP) grew by 1.8 per cent to $1.46, Binance Coin (BNB) jumped 1.0 per cent to $676.37, Bitcoin (BTC) improved by 0.7 per cent to $80,371.72, and TRON (TRX) gained 0.6 per cent to sell at $0.3529.
But Dogecoin (DOGE) slid by 1.3 per cent to $0.1134, Ethereum (ETH) depreciated by 0.9 per cent to $2,247.38, Solana (SOL) went down by 0.7 per cent to $90.65, and Cardano (ADA) weakened by 0.1 per cent to $0.2656, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.