The Nigerian currency, the naira, experienced a substantial appreciation against the dollar in both the official and parallel foreign exchange markets on a week-to-week basis.
Data from the Central Bank of Nigeria, covering the period from May 16 to May 23, 2025, indicated that the naira strengthened to N1,580.44 per dollar, up from N1,598.72. This represents a week-on-week increase of N18.28, or 1.1 percent, in the official market.
In the black market, the naira also gained ground, rising by N20 to close at N1,615 per dollar by the end of the review period.
CBN Governor Olayemi Cardoso stated at the conclusion of the 300th Monetary Policy Committee meeting that the naira has become a more stable and competitive currency.
