In a week marked by cautious market optimism, the Nigerian Naira recorded modest gains against four of the world’s major currencies. From May 20 to May 23, 2025, official rates from leading financial platforms show that the Naira appreciated slightly against the US Dollar (USD), British Pound Sterling (GBP), Euro (EUR), and Chinese Yuan (CNY).
This upward trend reflects continued central bank interventions and a slight easing in foreign exchange demand pressures. Here’s a breakdown of the week’s currency performance, including percentage changes:US Dollar (USD)
• Opening Rate (May 20): ₦1,610.97
• Closing Rate (May 23): ₦1,590.27
• Change: -₦20.70
• Percentage Drop: 1.28%
The greenback fell by 1.28% over the four-day period. Market analysts attribute the dip to a mild rebound in crude oil prices and improved liquidity injections into the FX market by the Central Bank of Nigeria (CBN).
British Pound (GBP)
• Opening Rate: ₦2,151.32
• Closing Rate: ₦2,139.97
• Change: -₦11.35
• Percentage Drop: 0.53%
The Pound showed midweek volatility but ended the period down by 0.53%. Market watchers say this reflects cautious sentiment among UK-based investors following economic data released by the Office for National Statistics.
Euro (EUR)
• Opening Rate: ₦1,809.10
• Closing Rate: ₦1,797.80
• Change: -₦11.30
• Percentage Drop: 0.62%
The Euro had a mixed week, briefly rising midweek before closing 0.62% lower. Currency analysts are monitoring upcoming European Central Bank (ECB) statements for policy direction.
Chinese Yuan (CNY)
• Opening Rate: ₦223.13
• Closing Rate: ₦220.74
• Change: -₦2.39
• Percentage Drop: 1.07%
The Yuan depreciated by 1.07% amid a slowdown in Chinese export activity and reduced bilateral import volumes from Nigeria. Economic ties between both countries remain under close observation.
The naira’s marginal gain this week has been widely welcomed by market stakeholders, but experts warn that structural challenges persist. These include continued forex backlog issues, rising inflationary pressures, and uncertainties surrounding global interest rate policies.
According to economic analyst Dr. Afolabi Oladele, “The CBN must sustain its recent transparency and liquidity efforts in the forex market. But to achieve long-term stability, Nigeria needs to boost non-oil exports and attract consistent foreign direct investment.”
