The Nigerian naira appreciated slightly to ₦1,597 per US dollar on Monday, May 19, 2025, in the official foreign exchange market, marking a modest gain from the previous Friday’s closing rate of ₦1,599.01/$1.
This appreciation comes ahead of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meeting, where key economic decisions are anticipated. The naira’s performance reflects ongoing efforts by the CBN to stabilize the currency through various interventions.
In the parallel market, the naira also showed resilience, trading at ₦1,627/$1 on Monday, a slight improvement from ₦1,628/$1 on Friday.
The CBN’s strategies, including foreign exchange sales to authorized dealers, have contributed to the naira’s stability. However, analysts caution that sustained efforts are necessary to maintain this trend, especially in the face of potential pressures from importer demand and global economic factors.
As the MPC convenes, stakeholders await decisions that could further influence the naira’s trajectory and the broader economic landscape.
