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- The naira has continued its upward ascent against the dollar successful the Nigerian overseas speech market
- On Tuesday, May 20, the naira appreciated further, closing astatine N1,588.50 per dollar from N1,580
- The politician of the Central Bank of Nigeria (CBN), Olayemi Cardoso, disclosed that the naira’s stableness was owed to the bank’s reforms
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade
The Nigerian currency, the naira, has continued its rally against the dollar, closing positively successful the Nigerian Foreign Exchange Market (NFEM) connected Tuesday, May 20, 2025.
The naira has been connected a week-long surge against the dollar, remaining mostly unchangeable for the 2nd week of May 2025.
Source: Getty Images
CBN gives crushed arsenic the naira gains
The Central Bank of Nigeria (CBN) has attributed the naira’s surge to reforms successful the FX markets.
On Tuesday, Olayemi Cardoso, CBN’s governor, stated astatine the Monetary Policy Meeting that the apex bank’s reforms are fueling the naira’s stability.
Data from the NFEM shows that the naira appreciated connected Tuesday, closing trading astatine N1,588.50 per dollar, up from N1,580 it closed the previous day.
Currency dealers quoted the dollar astatine a precocious of N1,599 and a debased of N1,560 per USD.
Experts commend CBN’s interventions
Economists person fixed thumbs-up to the apex for the naira’s stability, which has hovered astir the N1,500 per dollar since the 2nd week successful May.
They accidental adjacent erstwhile the nation’s overseas speech reserves were down, the naira kept soaring successful the FX market.
“There are reforms by the CBN that are driving the existent stability, namely periodic interventions and circulars to supply transparency and confidence,” Janet Ogochukwu, a elder banker and an economist, said.According to her, CBN has enactment successful a batch to guarantee that the section currency does not transverse a definite threshold.
“We are seeing portfolio investors returning due to the fact that determination is immoderate benignant of stableness and assurance successful the naira,” she said.Ogochukwu re-echoed the CBN governor’s sentiment, saying that the naira is present competitive.
Cardoso cited the caller circular of planetary depreciation caused by the US policies and geopolitical tensions
He said aboriginal reforms by the fiscal assemblage regulator person helped Nigeria to sorb the planetary economical shocks, stabilise the naira, and physique capitalist confidence.
The naira falls successful the achromatic market
The naira, however, depreciated successful the parallel conception of the overseas speech market, down by N15 from N1,615 to N1,630 per dollar.
Source: Twitter
Currency dealers successful the achromatic marketplace attributed the accrued request for the crash, saying that those who could not spell done authoritative channels rushed to the parallel marketplace for FX.
“We experienced a flimsy uptick successful request connected Tuesday. Maybe that is the crushed for the crash, arsenic you mentioned,” Abbas Yishau, a currency trader successful the Ogba axis of Lagos, said.CBN Introduces N80,000 fees for NRBVN
Legit.ng earlier reported that Diaspora Nigerians would now pay astir $50, N80,000, to get their Non-Resident Bank Verification Number (NRBVN).
The Central Bank of Nigeria (CBN) launched the NRBVN level precocious successful concern with the Nigeria Inter-Bank Settlement System (NIBSS).
The determination was designed to simplify the process for Nigerians overseas to entree BVN registration without visiting the country.
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Source: Legit.ng
