Naira Starts Week Low, Falls Against US Dollar As Traders Quote New Exchange Rate
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira started the new week with a slight depreciation against the United States dollar in the official market on Monday, May 26.
Data from the Central Bank of Nigeria showed that the naira at the Nigerian Foreign Exchange Market (NFEM) recorded a closing rate of N1,583 per dollar.
Source: Getty Images
Monday's exchange rate is a 0.25% or N4 depreciation for the naira when compared to the previous day's closing rate of N1,579 recorded in the official market.
According to the CBN, the naira traded within a range of N1,583/$1 (high) and N1,578/$1 (low) on Friday, with a simple average rate of N1,579.64/$1 on Monday.
The naira improved its value against the euro in the official market on Monday by N6.25 to close at N1,791.11/€1 compared with last Friday’s rate of N1,797.36/€1.
However, it depreciated against the pound sterling by N5.23 to trade at N2,136.76/£1 versus Friday’s closing rate of N2,141.99/£1.
Source: Getty Images
Here is a breakdown of exchange rates on Monday
In the parallel market, also known as the black market, it was a slightly different story for the naira against major foreign currencies.
Traders who spoke to Legit.ng confirmed that the dollar slightly appreciated against the Nigerian currency.
Abdullahi, a BDC trader, said:
"On May 23, 2025, the naira traded in the parallel market at N1,610 to N1,620 per dollar, N1,785 to N1,800 per euro, and N2,140 to N2,160 per pound sterling.
" By May 26, 2025, the exchange rates showed a slight improvement, with the naira trading at N1,605 to N1,615 per dollar and N1,780 to N1,800 per euro, while the rate for the pound sterling remained unchanged at N2,140 to N2,160."
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) revealed that remittance flows into the Nigerian economy rose by 9% to $20.98 billion, the highest level in five years under the current leadership of Olayemi Cardoso.
The apex bank said the last time remittances exceeded that level was in 2029 when they hit $23.80 billion.
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Source: Legit.ng
