See more as naira appreciates against US dollar in official market

• The Nigerian currency has appreciated against the dollar successful the authoritative overseas speech markets connected Monday
• The Central Bank of Nigeria's caller information shows that the naira recorded a flimsy appreciation successful the NAFEM window
• The naira inactive has a agelong mode to spell for stableness to hap successful the authoritative and unofficial FX markets

Legit.ng writer Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Nigerian currency, the naira, has appreciated against the United States dollar successful the authoritative market.

Data from the Central Bank of Nigeria showed that the Nigerian Foreign Exchange Market (NFEM) ended trading connected Wednesday, May 14, astatine N1,596 per dollar.

Naira appreciates against US dollar Photo credit: Bloomberg/contributor
Source: Getty Images

Wednesday's speech complaint is simply a 0.04% depreciation for the naira compared to past Friday's speech complaint of N1,599.7.

Naira against pound, euro

It was a antithetic result for the naira against the British lb sterling and the euro.

On Wednesday's forex trading session, the naira experienced a depreciation against large planetary currencies, continuing caller trends.

At the adjacent of trading, the naira weakened against the lb sterling by N4.08, trading astatine N2,125.36 per £1.

This marks a diminution from Tuesday's complaint of N2,118.28 per £1.

Similarly, against the euro, the naira mislaid N6.56, closing astatine N1,790.37 per €1 compared to N1,783.87 per €1 connected Tuesday.

Naira crashes against dollar astatine the achromatic market

In the parallel market, the naira fell further against the dollar, forex traders confirmed connected Wednesday.

Abudulahhi a trader told Legit.ng:

"We sold the dollar astatine N1,630/$1 connected Wednesday, compared with the N1,618/$1 it was bought for. The euro traded betwixt N1,795 and N1,810, portion the British lb was exchanged astatine rates ranging from N2,130 to N2,155."

CBN has a batch of enactment to bash to stabilise the naira Photo credit: cbn
Source: Getty Images

Snapshot of naira rates successful the authoritative market

Based connected CBN published rates, present are the selling rates for the selected currencies arsenic of May 14, 2025

• CFA: N2.71
• Chinese yuan/renminbi: N221.61
• Danish krone: N239.97
• Euro: N1,790.38
• Japanese yen: N10.93
• Saudi riyal: N425.68
• South African rand: N87.42
• Swiss franc: N1,903.55

Forex inflow into Nigeria

Ealier, Legit.ng reported that the Central Bank of Nigeria (CBN) revealed that remittance flows into the Nigerian economy roseate by 9% to $20.98 billion, the highest level successful 5 years nether the existent enactment of Olayemi Cardoso.

The apex slope said the past clip remittances exceeded that level was successful 2019, erstwhile they deed $23.80 billion.

The summation successful remittances is bully quality for the CBN successful its efforts to guarantee capable overseas speech availability successful the market.

World Bank’s information shows that Nigeria’s highest remittance inflow successful the past 10 years was successful 2018 astatine $24.31 billion, portion the lowest was recorded successful 2024 astatine $17.21 billion.

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Source: Legit.ng