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Home » Naira Appreciates to N1,597/$1, First Time in Two Weeks

Naira Appreciates to N1,597/$1, First Time in Two Weeks

Latifat Fashina by Latifat Fashina
May 15, 2025
in Fintech
0
Naira - Photo Credit is GettyImages
Naira - Photo Credit: GettyImages

Naira - Photo Credit: GettyImages

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The naira appreciated during Wednesday’s trading session, closing at N1,597/$1 in the official market, a 0.18% gain from its previous close of N1,600/$1.

This is a notable development, as the naira dipped below the N1,600/$1 level for the first time in nearly two weeks, pointing to a possible shift amid rising pressure from rising foreign demand.

Data from the Nigerian Foreign Exchange Market (NFEM) showed the local currency trading between N1,595/$1 and N1,600/$1, before settling at an average rate of N1,596.70/$1.

In the parallel market, however, the naira showed mixed performance. It maintained its previous rate of N1,630/$1 against the U.S. dollar for the third consecutive day. It weakened slightly against the British pound, falling to N2,160/£1 from N2,155/£1, but gained ground against the euro, appreciating to N1,810/€1 from N1,815/€1.

While the Nigerian currency’s appreciation against the dollar is a step in the right direction, its movement in the coming days will determine if this milestone represents a lasting turnaround or a temporary relief for the naira.

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Latifat Fashina

Latifat Fashina

LATIFAT FASHINA is the Business/Finance Reporter at Techeconomy. She can be reached via: latifat.fashina@techeconomy.ng

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