Naira Strengthens Slightly to N1,598.72/$ Amid Renewed Forex Stability Hopes

• The Naira appreciated slightly against the U.S. Dollar, closing the week at N1,598.72/$1, up by 60 kobo from Thursday’s N1,599.32 rate, according to the Central Bank of Nigeria.

• Earlier in the week, the Naira posted modest gains on Tuesday and Wednesday, but experienced a slight dip on Thursday due to increased Dollar demand by importers.

• Analysts remain cautiously optimistic, linking the positive performance to growing investor confidence, improved supply, and ongoing Central Bank interventions.

The Naira closed the week on a positive note, appreciating marginally to N1,598.72 against the U.S. Dollar at the official foreign exchange market on Friday, May 17, 2025.

This represents a modest gain of 60 kobo, or 0.03 per cent, from Thursday’s closing rate of N1,599.32, according to data from the Central Bank of Nigeria (CBN).

The local currency had shown signs of resilience earlier in the week. It appreciated slightly on Tuesday by 0.02 per cent and gained a stronger 0.21 per cent on Wednesday. These improvements were seen as encouraging signs of increased investor confidence and a boost in Dollar supply within the forex market.

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However, Thursday saw a brief setback as the Naira depreciated by N2.62, equivalent to a 0.16 per cent drop, driven by a surge in Dollar demand from importers and other market participants. Despite this dip, the week still ended on a bullish note.

Analysts noted that consistent supply inflows and CBN’s liquidity management efforts will be critical in sustaining the Naira’s current trajectory.