The naira is expected to maintain its steady momentum as the Central Bank of Nigeria (CBN) continues to roll out measures to ensure stability, but a ‘substantial’ strengthening of the currency may be ‘unlikely’ given the global uncertainty.
According to a weekly report published on Friday by Cordros, a Lagos-based consultancy, the currency appreciated by 1.1 percent week/week to N1,585.00/USD, mostly supported by the CBN’s sale of $190.40 million to the market.
Data obtained from the CBN website showed that the naira ended the week on a strong note, appreciating to N1,579/$1 on Friday, May 23, 2025, from Thursday’s closing rate of N1,586/$1, which marked its first depreciation following the monetary policy hold decisions.