The naira experienced a massive jump against the dollar, trading at N1,579 per dollar at the weekend.
This is as the British pound rose to a new high amid massive dumping of the US dollar following the renewed trade war with Europe by the US government
Data from the foreign exchange (forex) market indicated that the sterling traded at £1.3538 on Friday, May 23, 2025, gaining 1.93 per cent against the dollar.
The development comes as the reforms embarked on by the Central Bank of Nigeria (CBN) seem to be paying off, as the local currency is beating global shocks to maintain stability. The naira continued its rally against the US dollar on the Nigerian Foreign Exchange Market (NFEM) on Friday, May 23, 2025, recording the highest gain in 30 days.
Data from the CBN shows that at the close of trading on Friday, May 23, 2025, the Nigerian currency rose to N1,579 per dollar, up from N1,583.92 it traded the previous day. The naira has continued its upward swing in May, rising from N1,612 as of May 7, 2025, the lowest this month. Olayemi Cardoso, the governor of CBN, has attributed the naira’s stability to reforms by the bank. He said the naira’s stability stems from policies and reforms implemented by the CBN to improve liquidity and boost confidence in the FX market, he said.
Speaking at the Monetary Policy Committee (MPC) meeting of the bank, Cardoso said the current naira stability has enhanced the country’s economic outlook, stating that the naira is now globally competitive. Experts have praised the CBN for its reforms that helped to keep the naira stable.
“The naira is rallying despite the drop in crude oil prices and slightly depleted reserves. It means that CBN must have got its act together to pull this off,” Jane Ogochukwu, senior banker and economist, told Legit.ng. Ogochukwu disclosed that the wide disparity between the parallel and the official markets has almost disappeared, achieving the foreign currency reform aims of the Nigerian government. Meanwhile, at the end of trading on Friday, May 23, 2025, currency dealers quoted the dollar at a high of N1,585 and a low of N1,575.10. CBN releases new dollar exchange rates for banks.
Legit.ng earlier reported that the Nigerian currency, the naira, has continued its rally against the dollar, closing positively in the Nigerian Foreign Exchange Market (NFEM) on Tuesday, May 20, 2025. The naira has been on a week-long surge against the dollar, remaining mostly stable for the second week of May 2025.
The Central Bank of Nigeria (CBN) has attributed the naira’s surge to reforms in the forex markets.
The British pound sterling rose to a new high in the forex market in the week ending May 23, 2025, amid growth forecasts due to sales data. Information from the foreign exchange market showed that the sterling was exchanged at 1.35.38 on Friday, May 23, 2025, as the pound gained 1.93% against the USD. Investors dump the dollar for the pound amid a renewed tariff war by the US. Credit.
According to reports, investors dumped the US greenback as President Donald Trump’s administration renewed the trade war, threatening to slap the European Union with higher tariffs, thereby strengthening the pound.