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- The Nigerian currency, the naira, has continued to rally against the dollar and immoderate currencies
- On Wednesday, May 21, 2025, the naira strengthened further, closing astatine N1,583 per dollar from N1,583 the erstwhile day
- The Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, has attributed the naira’s summation to the bank’s reforms
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
On Wednesday, May 21, 2025, the naira continued to surge against the dollar, marking implicit a week of continuous appreciation.
Eletad Central Bank of Nigeria (CBN) politician Olayemi Cardoso said the surge is owed to the bank's monolithic reforms.
Source: Getty Images
The naira gains more
At the adjacent of trading connected Wednesday, May 21, 2025, the naira roseate against the dollar for the eighth consecutive day, astatine N1,583, up from N1,585, representing N5 appreciation.
Data from the Nigerian Foreign Exchange Market (NFEM) shows that the dollar traded astatine a precocious of N1,590 to a dollar and a debased of N1,582.50.
However, the naira depreciated against the euro, trading astatine 1793.9433 to the euro, down from N1,793.
The naira against different currencies:
- EURO: N1,793.93
- Sterling: N2,124.89
- YEN: N11
- YUAN: N219.82
- CFA: N2.82
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 helped Nigeria sorb the planetary economical shocks, stabilise the naira, and physique capitalist confidence.
The naira, however, depreciated successful the parallel conception of the overseas speech market, down by N15 from N1,615 to N1,630 per dollar.
Currency dealers successful the achromatic marketplace attributed the accrued request for the crash, saying those who could not spell done authoritative channels rushed to the parallel marketplace for FX.
Source: Getty Images
CBN Introduces N80,000 charges for Nigerians
Legit.ng earlier reported that Diaspora Nigerians volition present wage 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. Despite the BVN being escaped successful Nigeria, applicants from the Diaspora volition wage a processing fee. The improvement has drawn varied reactions from diasporan Nigerians.
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Source: Legit.ng
