Open nark's Yuletide gift (12)

I believe the answer is:

frankincense

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'gift' is the definition.
(gift given to the baby Jesus)

'open nark's yuletide' is the wordplay.
'open' becomes 'frank' (synonyms).
'nark's yuletide' becomes 'incense' (I can't explain this - if you can you should give a lot more credence to this answer).
'frank'+'incense'='FRANKINCENSE'

Can you help me to learn more?

(Other definitions for frankincense that I've seen before include "One of three wise men's gifts" , "Gift of one of the Magi" , "Gum resin used as incense" , "Nativity gift; aromatic tree resin" , "One of the Magi's gifts" .)

I've seen this clue in The Times.

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