The Nigerian naira concluded the trading week with a modest gain, appreciating to ₦1,598.72 per U.S. dollar at the official foreign exchange market on Friday, May 16, 2025. This reflects a ₦0.60k increase from Thursday’s rate of ₦1,599.32, marking a 0.03% appreciation, according to data from the Central Bank of Nigeria (CBN).
Earlier in the week, the naira demonstrated resilience, recording gains on Tuesday and Wednesday. On Tuesday, it appreciated by 0.02%, followed by a stronger 0.21% rise on Wednesday. These gains were interpreted as positive indicators of growing investor confidence and increased supply in the foreign exchange market.
However, Thursday brought a minor setback, with the naira weakening by ₦2.62 against the dollar, translating to a 0.16% decline. Market analysts attributed this dip to a brief increase in dollar demand from importers and other market participants.
Despite the midweek stumble, the naira ended the week on a high note, reflecting what many see as a gradual recovery and increased market stability. Analysts continue to monitor the Central Bank’s policies, especially interventions to improve dollar liquidity and manage demand pressures.
