GITReel
The standard foreign exchange market on Friday, May 16, 2025, saw the Naira close the trading year with a gain of N1, 598.72 per Money.
The local currency increased N0.60k from the previous day’s rate of N1, 599.32, based on figures released by the Central Bank of Nigeria ( CBN), reflecting a 0.03 % increase.
Prior to falling by N2.62 on Thursday, which represented a 0.16 % depreciation, the currency had previously shown resilience by increasing importer demand and market participants by 0.02 % on Tuesday and a stronger 0.21 % increase on Wednesday.
Despite the decline on Thursday, experts claim that the week’s general trend was encouraging and that it reflected increased provide and renewed investor confidence in the Nigerian business.
Experts are keeping an eye on the Central Bank’s efforts to increase money profitability and control need pressures, which are expected to affect the Naira’s efficiency in the coming weeks.