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US DOLLAR
The local currency is projected to stabilize within the range of N1,450/$- N1,550/$, although there could be a negative swing if the price of oil falls below $70 a barrel.
The naira experienced a significant rebound this week across both the official and parallel foreign exchange (FX) markets.
The naira is making steady progress in the foreign exchange market, appreciating toward a key monthly support level at N1,440 as it benefits from broad dollar weakness.
The Nigerian currency maintained upside against the American dollar as the United States Central Bank makes an important interest decision later today
The Nigerian naira surged to a five-month high of N1,497.5/$ at the first trading session of the week in the official market., supported by better foreign exchange (FX) liquidity and less demand pressure.
Naira maintained its upward trend, closing at N1,500.91 against the American dollar on the Nigerian Foreign Exchange Market.
Forex traders have attributed the recent exchange rate stability to the success of Nigeria’s currency swap agreement with Chinese traders now collecting naira for its currency, yuan, instead of dollars.
The naira converged on Monday, as the local currency stabilized in the parallel market while increasing slightly in value in the official market.
The Nigerian currency fell to the N2135-N2150 bandwidth against a resurging British pound Sterling, which rose to a new high against the greenback.
The Naira remained stable in the informal market during the mid-trading session, trading at approximately N1,615–N1,618 per U.S. dollar, while simultaneously gaining value against other currencies.
The Nigerian naira depreciated further against the US dollar at the official foreign exchange market, closing at N1,609/$1 on Tuesday, May 6, 2025.
The naira maintained its position within the N1600–N1605/$ band against the global reserve currency, even as the dollar index climbed from a three-year low.