The naira concluded trading for the month of May 2025 on a positive note in the official foreign exchange (FX) market, appreciating by N16.03 against the United States dollar, a movement that coincided with an uptick in Nigeria’s external reserves.
According to official data released by the Central Bank of Nigeria (CBN), the local currency closed on Friday, May 30, at N1,586.15 to the dollar. This marks a slight appreciation of 1.01 percent compared to the rate of N1,602.18 per dollar recorded at the beginning of the month on May 2, at the Nigerian Foreign Exchange Market (NFEM).
While the naira gained value in the official FX segment, the situation was quite different in the parallel market. In that segment, the currency experienced a decline of 0.9 percent, ending the month weaker as the dollar was exchanged for N1,620 on Friday, May 30. This marks a N15 depreciation compared to the exchange rate of N1,605 that was quoted at the beginning of the month.