Market News
Naira appreciates massively against dollar on week-on-week basis - DAILY POST
By
The Nigeria’s currency, the naira appreciated massively against the dollar at both official and parallel foreign exchange markets on a week-on-week basis.
Central Bank of Nigeria’s exchange rate data from 16th to 23rd May 2025 showed that the naira appreciated significantly to N1,580.44 per dollar from N1,598.72.
This means that on a week-on-week basis, the naira strengthened by N18.28 or 1.1 percent against the dollar at the official market.
Similarly, at the black market, the naira gained N20 to close on Friday at N1,615 per dollar in the period under review.
DAILY POST recalls that CBN governor Olayemi Cardoso, at the end of the 300th Monetary Policy Committee meeting, said the naira has become a more stable and competitive currency.
