The Naira appreciated on Monday, May 12, 2025, closing at N1,600.44 per US dollar on the official foreign exchange market, according to data published by the Central Bank of Nigeria (CBN).
This marks a gain of N5.71 or 0.35 per cent compared to the previous rate of N1,606.15 per dollar recorded on Friday, May 9.
The Naira had shown signs of recovery toward the end of last week, rebounding from earlier losses.
On Thursday, May 8, the exchange rate stood at N1,609.64, before strengthening by N3.48 to end Friday at N1,606.15.
Monday’s appreciation continues the Naira’s positive momentum, offering a potential signal of stabilisation in the foreign exchange market after recent volatility.
Analysts attribute the currency’s improvement to sustained policy measures by the Central Bank, improved market liquidity, and increased foreign exchange inflows.
Market watchers will be monitoring whether the trend continues throughout the week as the CBN maintains tight monetary policies to support the currency and control inflation. (NAN)
