Naira Maintains Seven-Day Winning Streak Against Dollar, Euro, Other Currencies

• The naira has maintained its seven-day unbeaten run against the US dollar and other currencies
• On Monday, May 19, 2025, the naira appreciated, closing at N1,597 per dollar from N1,599 the previous day
• The naira’s rally came amid the rapid rise in Nigeria’s foreign exchange reserves despite the fall in crude oil prices

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian currency, the naira, has maintained its onslaught against major global currencies, especially the US dollar, in the Nigerian Foreign Exchange Market.

The naira’s rally began on May 9, 2025, when it rose to N1,607 per dollar from N1,608 the previous day.

The naira remains stable for 7 days

The local currency’s winning streak continued until May 16, 2025, when it exchanged for N1,599 per dollar, the same as the previous day.

Meanwhile, on Monday, May 19, 2025, the naira kept its momentum, appreciating by N2 against the dollar, closing trading at N1,597 per dollar.

The move is a positive signal, showing that the Nigerian currency has stabilised relatively after facing volatility due to falling crude oil prices, depleting reserves and the impact of US tariffs on global exports.

Experts have attributed the naira’s rally to a series of moves by the Central Bank of Nigeria, notably foreign exchange sales to authorised dealers.

The CBN interventions came amid renewed tension in the FX market as investors pulled their investments to safer havens due to the impact of US tariffs.

Experts laud CBN’s interventions

CBN’s interventions are timely, especially when the naira is a weaker currency in global exchange. Forex reserves decline is a global trend, especially in countries with low exports,” Janeth Ogochukwu, a senior banker and an economist, said.

According to her, CBN will need to sustain the momentum to ensure portfolio investors return.

“Portfolio investment is currently low in Nigeria, and the CBN has a lot of work to do in that regard,” she said

However, following the halt and an agreement between the US and China, global crude oil prices rebounded briefly, causing currencies to rally.

Data from NFEM shows that currency dealers quoted the dollar at a high of N1,601 per dollar and a low of N1,580 in NFEM.

Foreign exchange reserves rise

The development comes as the CBN reported that Nigeria’s external reserves climbed to $38.34 billion as of May 15, 2025, indicating signs of recovery after months of decline. 

Although still below the $39.72 billion recorded at the end of January, the reserves rose by $401.78 million in just 15 days in May, compared to $37.93 billion at the end of April 2025.

Analysis of CBN data showed the last time the reserves were near current levels was in late February 2025.

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Legit.ng earlier reported that the Nigerian naira has closed the week (Friday, May 17) against the US dollar in the official foreign exchange market at N1,599.

This is the same rate the Central Bank of Nigeria quoted on Thursday in the Nigerian Foreign Exchange Market (NFEM).

However, when compared to the closing rate of N1,607 a dollar in the previous week ending May 9th, the naira appreciated by N8 after 5 days of trading in the official market.

Source: Legit.ng