See more as naira starts week low, falls against dollar to new exchange rate

• The worth of the naira has depreciated against the US dollar successful the authoritative overseas speech market.
• The latest speech complaint information shows that the dollar's closing complaint connected Monday was 0.25% little than the erstwhile rate
• Nigerian billionaire, Tony Elumelu, has praised the Central Bank of Nigeria for stabilising the naira speech rate

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 naira started the caller week with a flimsy depreciation against the United States dollar successful the authoritative marketplace connected Monday, May 26.

Data from the Central Bank of Nigeria showed that the naira astatine the Nigerian Foreign Exchange Market (NFEM) recorded a closing complaint of N1,583 per dollar.

Naira falls against US dollar successful the authoritative market Photo credit: Bloomberg/contributor
Source: Getty Images

Monday's speech complaint is simply a 0.25% oregon N4 depreciation for the naira erstwhile compared to the erstwhile day's closing complaint of N1,579 recorded successful the authoritative market.

According to the CBN, the naira traded wrong a scope of N1,583/$1 (high) and N1,578/$1 (low) connected Friday, with a elemental mean complaint of N1,579.64/$1 connected Monday.

Naira complaint compared to pound, euro

The naira improved its worth against the euro successful the authoritative marketplace connected Monday by N6.25 to adjacent astatine N1,791.11/€1 compared with past Friday’s complaint of N1,797.36/€1.

However, it depreciated against the lb sterling by N5.23 to commercialized astatine N2,136.76/£1 versus Friday’s closing complaint of N2,141.99/£1.

CBN is pushing hard to boost dollar inflow for naira improvement Photo credit: CBN
Source: Getty Images

Here is simply a breakdown of speech rates connected Monday

• CFA: N2.7220
• Yuan/Renminbi: N219.7498
• Danish Krona: N240.9434
• Euro: N1797.3663
• Yen: N11.0549
• Riyal: N421.085
• South African Rand: N88.3713
• Swiss Franc: N1920.7199
• Pounds Sterling: N2141.9931

Naira show successful achromatic market

In the parallel market, besides known arsenic the achromatic market, it was a somewhat antithetic communicative for the naira against large overseas currencies.

Traders who spoke to Legit.ng confirmed that the dollar somewhat appreciated against the Nigerian currency.

Abdullahi, a BDC trader, said:

"On May 23, 2025, the naira traded successful the parallel market astatine N1,610 to N1,620 per dollar, N1,785 to N1,800 per euro, and N2,140 to N2,160 per lb sterling." By May 26, 2025, the speech rates showed a flimsy improvement, with the naira trading astatine N1,605 to N1,615 per dollar and N1,780 to N1,800 per euro, portion the complaint for the lb sterling remained unchanged astatine N2,140 to N2,160."

CBN records the highest dollar inflow

Earlier, 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 current enactment of Olayemi Cardoso.

The apex slope said the past clip remittances exceeded that level was successful 2029 erstwhile they deed $23.80 billion.

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Source: Legit.ng