Nigeria’s currency, the naira, recorded notable gains against the US dollar across both the official and parallel foreign exchange markets on a week-on-week basis.
According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved from N1,598.72/$1 on May 16 to N1,580.44/$1 as of May 23, 2025 — marking a gain of N18.28 or 1.1%.
The naira also appreciated in the black market, rising by N20 to close the week at N1,615/$1, up from the previous week’s N1,635/$1.
The positive movement reflects growing confidence in the local currency amid ongoing economic reforms and increased FX supply by the CBN.