Victor EzejaNigerian naira further appreciated against the United States Dollar on Tuesday, 13 May, at the official segment of the foreign exchange market.
Data from the Central Bank of Nigeria (CBN) on exchange rate showed that the naira rose slightly to N1,600.030 per dollar on Tuesday from N1,600.44 on Monday, 12 May.
Join our WhatsApp ChannelThis means the naira recorded a marginal gain of N0.41 on Tuesday. The Nigerian currency had opened the week on a positive note, gaining N5.71 against the dollar on Monday.
The CBN data showed that the naira traded between N 1,610.50 and N 1,597.00 on Tuesday.
However, the naira depreciated at the black market, falling to N1,630 on Tuesday from N1,625 per dollar recorded at the end of work on Monday. This reflects a N5 loss at the black market.
This comes as Nigeria’s external reserves fell to $38.21 billion as of Monday, May 12, 2025, after increasing by $86.67 million to $38.10 billion on 6 May, 2025, according to CBN data.
Prime Business Africa reports that the naira has continued to experience fluctuations despite the CBN’s monetary interventions to boost liquidity in the foreign exchange market.
