The naira appreciated at both official and parallel markets on May 20, 2025, following the Central Bank’s decision to retain its key interest rate at 27.5%. CBN Governor Cardoso said the naira remains stable and competitive.
- Naira closed at ₦1,591.25/$1 at NAFEM, gaining ₦7.69 in value from the previous day’s rate.
- Pound and Euro also dropped against the naira to ₦2,126.60/£1 and ₦1,791.49/€1 respectively.
- CBN retained the Monetary Policy Rate at 27.5%, with CRR and Liquidity Ratio unchanged at 50% and 30%.
For many Nigerians battling inflation, a stronger naira brings temporary relief, especially for importers, students abroad, and families funding overseas care. Yet, the stability is fragile, and market watchers remain cautiously optimistic.
Will the naira’s improved performance translate into lower prices for goods and services, or is this gain short-lived amid global uncertainties?
