Naira Posts ₦213 Gain in 12 Months, Appreciates 13.5% Against Dollar

By the end of May 2026, the naira closed at ₦1,372 per US dollar, down slightly from ₦1,367 at the end of April. Despite the 0.36% monthly dip, it has strengthened by ₦213.50 since May 2025, a 13.5% annual gain. This performance reflects improved liquidity, ongoing FX market reforms and growing investor confidence. Data from the Central Bank of Nigeria shows the naira reached ₦1,358.01 on May 7—its best level during the month—and traded in a narrow ₦1,372–₦1,375 range for most of May. To support stability, the apex bank held the Monetary Policy Rate at 26.5% and maintained high cash reserve ratios for commercial and merchant banks. Analysts say these measures, coupled with stronger external reserves, may help sustain the currency’s consolidation.

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