Naira trades N1,598/$ at official market

The naira ended the trading week on a positive note, recording a bullish close at the foreign exchange market on Friday, May 16, 2025.

The naira appreciated to N1,598.72 against the United States dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s website, the naira strengthened by N0.60k against the dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on Tuesday and Wednesday trading sessions.

On Tuesday, the naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

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These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the naira slipping by N2.62 against the dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in dollar demand from importers and other market participants.

In spite of this, the week still closed on a positive note, with the naira showing signs of gradual recovery and increased market stability.

The Star