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Home » Naira Holds Steady at N1,600/$1 in Official Market

Naira Holds Steady at N1,600/$1 in Official Market

Latifat Fashina by Latifat Fashina
May 14, 2025
in Finance
0
Expert Charges CBN | Naira depreciated
NAIRA-DOLLAR

NAIRA-DOLLAR

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The naira held firm at N1,600/$1 on Tuesday in the official foreign exchange market, matching Monday’s closing rate and showing short-term stability.

According to data from the Nigerian Foreign Exchange Market (NFEM), the naira fluctuated between N1,597/$1 and N1,610.50/$1 during the day’s trading session.

Similarly, the naira maintained its prior rate against the dollar in the parallel market as it traded at N1,630/$1 on Tuesday, the same as the prior rate.

However, the Nigerian currency declined against other foreign currencies as it fell to N2,155/£1 against the British pound, from its previous day’s close of N2,150/£1. Likewise, the naira lost 0.28% against the euro to N1,815/€1, down from N1,810/€1.

The naira’s maintained exchange rate reflects the effectiveness of the Central Bank of Nigeria (CBN) monetary policies, provides a stable environment for economic activities, and boosts investor confidence.

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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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