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The naira recorded substantial appreciation against the U.S. dollar over the past week in both the official and parallel foreign exchange markets, reflecting growing signs of stability in the foreign exchange landscape.
According to data released by the Central Bank of Nigeria (CBN), the naira strengthened from ₦1,598.72 per dollar on May 16 to ₦1,580.44 per dollar by May 23, gaining ₦18.28 or approximately 1.1% in the official market.
A similar trend was observed in the parallel market, where the naira appreciated by ₦20, closing the week at ₦1,615 per dollar, compared to its earlier rate of ₦1,635.
The positive momentum comes amid renewed confidence in Nigeria’s monetary policy direction and ongoing reforms targeting foreign exchange market efficiency.
CBN Governor Olayemi Cardoso, speaking at the conclusion of the apex bank’s 300th Monetary Policy Committee meeting, noted that recent measures are yielding results.
“The naira has become a more stable and competitive currency,” Cardoso stated, adding that the central bank remains focused on ensuring price stability and strengthening investor confidence.
The week-on-week gains follow sustained efforts by the CBN to enhance liquidity, reduce speculative trading, and align official and parallel market rates as part of broader economic stabilization strategies.
