The naira, which has shown some degree of stability over the past few months, is expected to maintain its current trajectory following the launch of the Non-Resident Diaspora Bank Verification Number (NRBVN) by the Central Bank of Nigeria (CBN).
Since the introduction of the Electronic Foreign Exchange Matching System (EFEMS) on December 2, 2024, the naira has witnessed relative improvement in value. For the first eight trading days of May 2025, the naira appreciated by N2.15, with the dollar quoted at N1,600.03 at the Nigerian Foreign Exchange Market (NFEM). This represents a slight gain of 0.13 percent compared to the N1,602.18 quoted at the beginning of the month, according to data from the CBN.
In the parallel market, commonly referred to as the black market, the naira has also traded within a relatively narrow range, hovering between N1,600 and N1,625 per dollar. However, the naira weakened by N2 on Wednesday, with the dollar exchanging at N1,627 compared to N1,625/$ on Tuesday.