Naira Surges Sharply Against Dollar as CBN Touts Currency Stability

• The naira appreciated significantly against the dollar at both the official and black markets during the week of May 16–23, 2025.

• Official data from the Central Bank of Nigeria showed a gain of N18.28, while the black market recorded a N20 increase.

In a significant development for Nigeria’s volatile foreign exchange landscape, the naira has recorded a powerful week-on-week appreciation against the US dollar across both the official and parallel markets, according to verified data from the Central Bank of Nigeria (CBN).

Between May 16 and 23, 2025, the naira appreciated by N18.28 at the official market, climbing from N1,598.72 to N1,580.44 per dollar.

The black market mirrored the gain, with the naira rising by N20 to close at N1,615 per dollar on Friday.

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CBN Data Confirms Appreciation

The Central Bank’s official exchange rate records showed a clear upward trajectory for the naira within the reviewed timeframe. This follows months of turbulent fluctuation and policy adjustments designed to stabilize the national currency.

Parallel Market Also Reflects Gains

Currency traders in the parallel market confirmed the naira’s rebound, citing increased forex liquidity and reduced speculative demand. The N20 gain reported represents one of the most notable week-on-week improvements in recent months.

CBN Governor Defends Monetary Strategy

Speaking at the conclusion of the 300th Monetary Policy Committee (MPC) meeting, CBN Governor Olayemi Cardoso maintained that recent gains in the naira’s value reflect effective fiscal coordination and policy reforms.

READ ALSO: Naira Gains Ground Against Dollar at Official, Black Markets as Week Closes Strong

According to Cardoso, “The naira has become a more stable and competitive currency.” His statement underscores the apex bank’s narrative that monetary reforms are delivering results in real-time.

Policy Credibility and Market Reactions

This resurgence comes amid ongoing efforts by the CBN to curb forex volatility, boost transparency, and align market forces.