How the naira maintained seven-day winning streak against the dollar

• The naira has maintained its seven-day unbeaten tally against the US dollar and different currencies
• On Monday, May 19, 2025, the naira appreciated, closing astatine N1,597 per dollar from N1,599 the erstwhile day
• The naira’s rally came amid the accelerated emergence successful Nigeria’s overseas speech reserves contempt the autumn successful crude lipid prices

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 maintained its onslaught against large planetary currencies, particularly the US dollar, successful the Nigerian Foreign Exchange Market.

The naira’s rally began connected May 9, 2025, erstwhile it roseate to N1,607 per dollar from N1,608 the previous day.

CBN pumps much currencies into the FX markets to stabilise the naira. Credit: NurPhoto/Contributor
Source: Getty Images

The naira remains unchangeable for 7 days

The section currency’s winning streak continued until May 16, 2025, erstwhile it exchanged for N1,599 per dollar, the aforesaid arsenic the erstwhile day.

Meanwhile, connected Monday, May 19, 2025, the naira kept its momentum, appreciating by N2 against the dollar, closing trading astatine N1,597 per dollar.

The determination is simply a affirmative signal, showing that the Nigerian currency has stabilised comparatively aft facing volatility owed to falling crude lipid prices, depleting reserves and the interaction of US tariffs connected planetary exports.

Experts person attributed the naira’s rally to a bid of moves by the Central Bank of Nigeria, notably overseas speech income to authorised dealers.

The CBN interventions came amid renewed hostility successful the FX marketplace arsenic investors pulled their investments to safer havens owed to the interaction of US tariffs.

Experts laud CBN’s interventions

CBN’s interventions are timely, particularly erstwhile the naira is simply a weaker currency successful planetary exchange. Forex reserves diminution is simply a planetary trend, particularly successful countries with debased exports,” Janeth Ogochukwu, a elder banker and an economist, said.

According to her, CBN volition request to prolong the momentum to guarantee portfolio investors return.

“Portfolio concern is presently debased successful Nigeria, and the CBN has a batch of enactment to bash successful that regard,” she said

However, pursuing the halt and an statement betwixt the US and China, planetary crude lipid prices rebounded briefly, causing currencies to rally.

Data from NFEM shows that currency dealers quoted the dollar astatine a precocious of N1,601 per dollar and a debased of N1,580 successful NFEM.

Foreign speech reserves rise

The improvement comes arsenic the CBN reported that Nigeria’s outer reserves climbed to $38.34 cardinal arsenic of May 15, 2025, indicating signs of betterment aft months of decline. 

CBN intervenes successful the FX marketplace to stabilise the naira. Credit: Bloomberg/Contributor
Source: Getty Images

Although inactive beneath the $39.72 cardinal recorded astatine the extremity of January, the reserves roseate by $401.78 cardinal successful conscionable 15 days successful May, compared to $37.93 cardinal astatine the extremity of April 2025.

Analysis of CBN information showed the past clip the reserves were adjacent existent levels was successful precocious February 2025.

Banks denote caller dollar speech complaint for BTA, PTA, others

Legit.ng earlier reported that the Nigerian naira has closed the week (Friday, May 17) against the US dollar successful the authoritative overseas speech marketplace astatine N1,599.

This is the aforesaid complaint the Central Bank of Nigeria quoted connected Thursday successful the Nigerian Foreign Exchange Market (NFEM).

However, erstwhile compared to the closing complaint of N1,607 a dollar successful the erstwhile week ending May 9th, the naira appreciated by N8 aft 5 days of trading successful the authoritative market.

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Source: Legit.ng