CBN releases new dollar exchange rates for banks, currency dealers as naira appreciates again
Image Credit: legitThe Nigerian naira continued to appreciate against the US dollar, closing at ₦1,588.50 per dollar on May 20, 2025, up from ₦1,580 the previous day, according to the Nigerian Foreign Exchange Market.
The Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, attributed the currency’s stability to the bank’s reforms and periodic interventions that have built investor confidence despite global economic shocks.
Economists commended the CBN’s policies, noting that they have driven stability and encouraged portfolio investment despite lower foreign exchange reserves.
However, the naira depreciated in the black market due to increased demand, with dealers noting a price increase to ₦1,630 per dollar in the parallel market.
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