Victor EzejaThe Nigerian naira appreciated at the foreign exchange market on Monday, opening the week on a positive note.
The naira exchanged at N1,600.43 per dollar, on Monday, 12 May at the official market, according to the Nigeria Foreign Exchange Market (NFEM) rate published by the Central Bank of Nigeria (CBN).
Join our WhatsApp ChannelThis represents N5.72 or 0.36 per cent gain when compared to N1,606.15 per dollar on Friday, 9 May.
The CBN data showed that the naira traded between N1,605 and N1,595 per dollar.
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The naira also appreciated at the parallel or black market on Monday to N1,620 against the previous rate of N1,625.
The local currency experienced a fluctuating trend last week after recording relative stability in the previous week. Black market traders attributed the drop in value of the naira to continuous increase in demand and low supply of dollars.
The foreign reserves have experienced a 0.5 per cent growth from $37.93 billion on 30 April 2025 to $38.12 billion as of 9 May 2025.
READ ALSO: Naira Sinks Further Despite CBN’s Efforts To Boost Liquidity, Stability
The CBN has continued to deployed all policy measures to stabilise the naira, including intervention in the market by injecting FX to boost liquidity.
Meanwhile, the apex bank has announced that the 300th Monetary Policy Committee (MPC) meeting will hold on Monday, May 19 and Tuesday, 20, 2025 at the CBN Headquarters, Abuja.
The meeting is key in shaping Nigeria’s economic outlook, influencing decisions on interest rates, inflation control, and overall macroeconomic stability.
