Access, Zenith, UBA, Authorised Dealers Sell Dollar at Cheaper Rate as Naira Stabilises
- The naira remained stable against the US dollar in the official foreign exchange market on Thursday, May 22, 2025
- At the close of trading on Thursday, the naira traded at N1,582.92 from N1,582.49 it traded the previous day
- The naira, however, appreciated in the parallel segment of the foreign exchange market at N1,615 from N1,620 per dollar
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian currency, the naira, remained stable at N1,584 as the demand for the US dollar moderated in the Nigerian Foreign Exchange Market.
At the close of trading on Thursday, May 22, 2025, the naira slightly lost 46 kobo as the currency dealers quoted the dollar at N1,582.95, from N1,582.49 recorded on Wednesday.
Source: Getty Images
Dollar demand slows in FX market
Data from the Central Bank of Nigeria showed that dollar supplies matched demands, stabilising the naira at N1,582.
The dollar was quoted at a high of N1,588.50 and a low of N1,82 per dollar.
The naira gains in the black market
In the parallel market, the naira gained N5, rising to N1,615 per dollar on Thursday, May 22, 2025, from N1,620 the previous day.
According to reports, currency traders said demand for the dollar remained relatively low and the market was calm.
BusinessDay reports that FSDH Merchant Bank analysts said the apex bank must proactively manage the FX market by sustaining currency reforms that boost investor confidence and liquidity.
They stated that monetary policy alone is not enough and requires structural reforms and greater fiscal discipline, stating that the move will be critical in reducing inflation, ensuring macroeconomic stability and sustaining long-term growth.
CBN governor explains the reason for the stability
The CBN governor, Olayemi Cardoso, disclosed that the recent Monetary Policy Committee (MPC) meeting revealed that the naira has stabilised sustainably and that the previously high disparity between the official and black market has been dismantled.
Cardoso said the development results from the disciplined and deliberate reforms done by the CBN leadership.
Source: Getty Images
According to the CBN boss, the naira’s renewed stability has been crucial in restoring investor confidence and encouraging foreign inflows via formal financial channels.
He said the inflow has helped to diversify Nigeria’s forex sources beyond the traditional reliance on oil revenues.
The naira and other currencies
- CFA: N2.17
- Euro: N1,790.81
- Pound: N2,126.61
- Swiss Franc: N1,915.53
- Yen: N11.0403
- Yuan: N219.83
CBN releases new dollar exchange rates for banks
Legit.ng earlier reported that the Nigerian currency, the naira, has continued its rally against the dollar, closing positively in the Nigerian Foreign Exchange Market (NFEM) on Tuesday, May 20, 2025.
The naira has been on a week-long surge against the dollar, remaining mostly stable for the second week of May 2025.
The Central Bank of Nigeria (CBN) has attributed the naira’s surge to reforms in the FX markets.
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Source: Legit.ng
