The naira recorded its strongest gain in recent weeks, closing at N1,600.44 per dollar at the official market on Monday, May 13, 2025. This marks its highest value since April 30, according to data from the Central Bank of Nigeria (CBN).
Compared to last Friday’s rate of N1,606.15, the naira appreciated by N5.71. Analysts note that this could signal the impact of ongoing monetary policies aimed at stabilizing the foreign exchange market.
However, at the parallel market, the naira remained unchanged at N1,630 to the dollar, maintaining the same rate seen at the close of trading last Friday.
While this is a positive development, it follows several days of steady depreciation. For instance, on April 30, the naira gained N3.02 to close at N1,596.68.
