The naira has recovered against the United States dollar in the official foreign exchange market after several days of losses.
New data from the Central Bank of Nigeria shows that in the Nigerian Foreign Exchange Market (NFEM), the naira closed at N1,597.70/$1 on Monday, May 12, 2025.
Monday’s exchange rate represents an appreciation of N9 or 0.5% from the previous day’s closing rate of N1,607/$1.
It is also the first time since April 28 that the naira achieved a closing exchange rate below N1,600 against the naira.
Naira against other currencies
Similar appreciation was recorded for the naira against the Pound Sterling and euro in the official market.
On Friday, May 9, the Nigerian naira closed at N2,145.48/£1 against the Pound Sterling and N1,818.42/€1 against the Euro in the official foreign exchange market.
By Monday, the naira had appreciated against both currencies. The exchange rate for the Pound Sterling dropped to N2,114.02/£1, while the Euro fell to N1,780.80/€1, reflecting an improved performance of the local currency.
Here is a snapshot of the latest exchange rates
- CFA: N2.76
- Yuan/Renminbi: N222.05
- Danish Krona: N238.71
- Euro: N1780.81
- Yen: N10.81 Riyal: N426.68
- South African Rand: N87.52
- Swiss Franc: N1900.99
- Pounds Sterling: N2114.02
