Nigeria’s currency, the naira, has gained a significant N32.38 against the dollar on a week-on-week basis at the official foreign exchange rate market, Media Talk Africa reports.
A review of the Central Bank of Nigeria’s exchange rate data between Friday, May 30, and June 5, 2025, showed that the naira firmed up to N1,553.12 per dollar from N1,585.50.
This means that the naira increased its value by N32.38, or 2.04 percent, in the period under review.
Apart from gains at the official FX market, the naira also recorded appreciation at the black market.
Media Talk Africa reports that the Naira ended trading at the parallel market on Thursday at N1590 per dollar from N1625 exchanged on May 30, 2025.
This indicates that at the black market, the naira gained N35 against the dollar in the period under review.
Speaking days back, the Governor of CBN, Olayemi Cardoso, attributed the naira’s relative stability to reforms orchestrated by the apex bank.
He said the naira had become a competitive payment system in the West African region.
Meanwhile, the managing director of Financial Derivatives Company, Bismark Rewane, speaking at the last Lagos Business School breakfast club, said the naira remained 26.82 percent undervalued.
