The naira appreciated to ₦1,600.44/$ at the official FX market on May 13, gaining ₦5.71 from last Friday’s rate. It’s the currency’s strongest official performance in nearly two weeks, though black market rates remain flat.
- The official exchange rate rose from ₦1,606.15 to ₦1,600.44, marking a ₦5.71 gain.
- The black market rate held steady at ₦1,630 per dollar, unchanged since last week.
- April 30 was the last notable gain, when the naira hit ₦1,596.68 against the dollar.
Many Nigerians, particularly importers and small business owners, continue to feel the pinch from currency fluctuations. While the official rate’s rebound offers hope, real gains at the grassroots level remain elusive amid ongoing inflation and unstable FX access.
Will sustained gains at the official window trickle down to the informal market? With the naira’s volatility still a concern, long-term stability may hinge on deeper structural reforms and investor confidence.
