CBN reveals the reason as the naira records highest gain in one month

• The naira has recorded its highest summation successful 30 days successful the Nigerian Foreign Exchange Market (NFEM)
• At the adjacent of trading connected Friday, May 23, 2025, the naira appreciated to N1,579 per dollar, from N1,583.92
• The Central Bank of Nigeria attributed the naira’s summation to its reforms and policies, saying the section currency is present globally competitive

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The reforms embarked connected by the Central Bank of Nigeria (CBN) look to beryllium paying disconnected arsenic the section currency is beating planetary shocks to support stability.

The naira continued its rally against the US dollar connected the Nigerian Foreign Exchange Market (NFEM) connected Friday, May 23, 2025, signaling the highest summation successful 30 days.

The naira records the astir summation successful 30 days, appreciating successful FX markets. Credit: Novatis
Source: Getty Images

The naira gains arsenic the CBN gives reasons

Data from the CBN shows that astatine the adjacent of trading connected Friday, May 23, 2025, the Nigerian currency roseate to N1,579 per dollar, up from N1,583.92 it traded the erstwhile day.

The naira has continued its upward plaything successful May, rising from N1,612 arsenic of May 7, 2025, the lowest this month.

Olayemi Cardoso, the politician of CBN, has attributed the naira’s stableness to reforms by the bank.

He said the naira’s stableness stems from policies and reforms implemented by the CBN to amended liquidity and boost assurance successful the FX market, helium said.

Speaking astatine the Monetary Policy Committee (MPC) gathering of the bank, Cardoso said the existent naira stableness has enhanced the country’s economical outlook, stating that the naira is present globally competitive.

Experts praise the CBN

Experts person praised the CBN for its reforms that helped to support the naira stable.

“The naira is rallying contempt the driblet successful crude lipid prices and somewhat depleted reserves. It means that CBN indispensable person got its enactment unneurotic to propulsion this off,” Jane Ogochukwu, elder banker and economist, told Legit.ng.

Ogochukwu disclosed that the wide disparity betwixt the parallel and the authoritative markets has astir disappeared, achieving the overseas currency betterment aims of the Nigerian government.

Meanwhile, astatine the extremity of trading connected Friday, May 23, 2025, currency dealers quoted the dollar astatine a precocious of N1,585 and a debased of N1,575.10.

The naira against different currencies

• Euro: N1,789.9806
• Yen: N11.0760
• Riyal: N420.9486
• South African Rand: N87.96
• Swiss Franc; N1,918.42
• Pound sterling: N2,135.
• Yuan: N219.82
• CFA: N2.71

Experts praise the CBN for stabilising the naira for astir of May. Credit: Picture Alliance/Contributor.
Source: Getty Images

Experts foretell Naira, Ghana and Uganda currencies' rates

Legit.ng earlier reported that African currencies, the Ghanaian Cedi and the Ugandan shillings, person been tipped for gains adjacent week successful the overseas speech markets driven by inflows and supportive cardinal slope actions.

While Nigeria's naira is expected to stay unchangeable against the dollar. However, Kenyan and Zambian currencies are expected to depreciate adjacent week.

Reuters reports that Ghana's cedi is expected to widen its caller gains against the dollar, supported by important hard-currency inflows from remittances and ongoing interventions by the cardinal bank.

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Source: Legit.ng