Nigeria’s currency, the naira, recorded a notable gain of N32.38 against the US dollar on a week-on-week basis at the official foreign exchange market.
A review of the Central Bank of Nigeria (CBN)’s exchange rate data between Friday, 30 May, and Wednesday, 5 June 2025, revealed that the naira appreciated from N1,585.50 to N1,553.12 per dollar.
This reflects a 2.04 percent increase in value, signalling a marked improvement in the performance of the local currency within the review period.
The Nigerian currency also posted gains in the black market, where it strengthened from N1,625 to N1,590 per dollar, translating to a N35 appreciation.
Speaking earlier, the Governor of the Central Bank, Olayemi Cardoso, credited the naira’s recent stability to key policy reforms implemented by the apex bank.
According to him, “The naira has evolved into a competitive payment system within the West African region,” highlighting Nigeria’s growing influence in regional financial integration.
However, economic analyst and Managing Director of Financial Derivatives Company, Bismarck Rewane, offered a more cautious perspective. Speaking at the recent Lagos Business School Breakfast Club session, he noted that the naira remains 26.82 percent undervalued despite its recent rebound.
The currency’s performance continues to be closely monitored as the CBN pursues broader efforts to stabilise Nigeria’s macroeconomic environment.