Naira-and-Dollars (2) (1).webp
The naira slightly appreciated at the official market, closing at N1,599/$1, while widening its gap with the parallel market where it traded at N1,635/$1. The development reflects cautious optimism ahead of the MPC’s key meeting.
  • Naira closed stronger at N1,599.01/$1 officially, up from N1,599.99/$1 the previous day.
  • Parallel market saw mild depreciation with naira falling to N1,635/$1 on Thursday.
  • Nigeria’s external reserves rose by $364 million, marking first sustained gain in 2025.

For many Nigerians, every kobo matters. The growing gap between official and street rates affects everyday transactions—from food prices to tuition. Traders and SMEs continue to navigate the volatility with limited access to official forex.

With the CBN’s MPC meeting set for May 19–20, stakeholders are hoping for stabilizing policy moves. Will a new monetary stance help bridge the rate gap and bolster confidence in the naira?