The macrocyclic nickel complex of the molecular formula[Ni($C_{32}H_{26}N_4$)] has been synthesized from the template condensation reaction between 1-benzoylacetone and o-phenylenediamine in the presence of nickel acetate. Protonation and deuterium exchange reactions of the demetallated macrocyclic ligand and the nickel complex have been carried out. The infrared, electronic and proton magnetic resonance spectral data of both compounds are compared and discussed; protonation of the macrocyclic ligand take place at the nitrogen atoms and all the amine protons undergo very rapid deuterium exchange while the methine protons undergo very slow exchange. On the other hand, protonation of the nickel complex occurs at the nitrogen atoms and only amine protons undergo rapid deuterium exchange. Protonation and deprotonation of the nickel complexes proceed reversibly.