ECONOMY
Naira Ends Week Stronger, Closes at N1,598.72/$ at Official Market
The Naira closed the trading week on a positive note, appreciating to N1,598.72 per US Dollar at the official foreign exchange market on Friday, May 16, 2025.
Data from the Central Bank of Nigeria (CBN) shows the local currency strengthened by N0.60k from Thursday’s rate of N1,599.32, marking a modest 0.03% gain.
Earlier in the week, the Naira recorded a 0.02% uptick on Tuesday, followed by a more significant 0.21% rise on Wednesday. However, it dipped by N2.62 on Thursday — a 0.16% decline — amid heightened Dollar demand from importers and other market participants.
Despite Thursday’s setback, analysts view the week’s overall performance as a sign of resilience, citing improved Dollar supply and growing investor confidence in Nigeria’s economy.
Market watchers continue to monitor the CBN’s strategies to enhance foreign exchange liquidity and control demand pressures, which are expected to shape the Naira’s outlook in the coming weeks.
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