The Nigerian Naira continued its strong performance against the US Dollar throughout the week, closing at ₦1,580.44 per Dollar in the official foreign exchange market on Friday, May 24, 2025.
According to figures published by the Central Bank of Nigeria (CBN) on its official website, the Naira appreciated by ₦4.51k on Friday alone, marking a 0.28% gain from Thursday’s closing rate of ₦1,584.95.
The local currency has seen sustained appreciation all week, having opened on Monday, May 19, at ₦1,598.68 per Dollar, improving to ₦1,590.45 on Tuesday, and reaching ₦1,584.49 on Wednesday.
Analysts attribute the Naira’s steady rise to increased investor confidence, improved forex supply, and favorable market conditions.
Meanwhile, the CBN, during its 300th Monetary Policy Committee (MPC) meeting held earlier this week, retained the Monetary Policy Rate (MPR) at 27.5%.
