The Centre for the Promotion of Private Enterprise (CPPE) has called on the federal government to strengthen social protection programs to shield vulnerable Nigerians from the harsh effects of ongoing economic reforms, even as the economy begins to show early signs of stability.
Data on the CBN website shows that the Naira opened the week at N1,491.49/$1 on Monday before slipping slightly to N1,493.2/$1 on Tuesday, a movement that coincided with the conclusion of the 302nd Monetary Policy Committee (MPC) meeting.
BUA Group Chairman Abdul Samad Rabiu has expressed optimism about Nigeria’s economic trajectory, projecting that the naira could strengthen to between N1,300 and N1,400 per US dollar by the end of 2025.
The naira slipped marginally against the safe-haven currency during the first trading session of the week, while the dollar showed strength in the global market.
The Nigerian currency is less than N30/$ away from breaking the key resistance level of N1500/$ in Nigeria's official market.
The naira appreciated to N1,565 per dollar on Thursday at the parallel market, up from N1,580 per dollar on Wednesday, according to a Nairametrics market survey in Lagos.
The Nigerian currency showed some strength in the Nigerian foreign exchange market, while the haven currency dipped to its lowest level since February 2022 in the global currency market.
The exchange rate closed the week with a mixed performance, as the naira recorded a slight appreciation in the official market but weakened on the parallel (black) market.
The Nigerian currency traded below the key resistance (N1600/$) against the greenback at the unofficial market.
The Nigerian currency oscillated between the N1620-25/$ support line in the unofficial market amid the resurgence of the dollar in the global financial market.
The naira oscillated near its 2025 lows amid renewed appetite for the greenback, while the U.S. dollar index...
The Naira depreciated to N1,612/$1 at the official Nigerian Foreign Exchange Market (NFEM) on Wednesday, May 7, 2025, down from N1,609/$1 recorded on Tuesday, May 6, 2025, according to data from the Central Bank of Nigeria (CBN).
