The Naira closed the first trading week of May 2026 on a relatively stable footing, finishing at ₦1,364/$ in the official foreign exchange market, according to data from the Central Bank of Nigeria (Central Bank of Nigeria).
The local currency traded within a narrow range throughout the week, signaling reduced volatility and improving confidence in the FX market amid ongoing reforms by the apex bank.
It opened the week at ₦1,367.5/$ on Monday, strengthened to ₦1,362/$ on Tuesday, ₦1,361/$ on Wednesday, and ₦1,358.01/$ on Thursday before closing at ₦1,364/$ on Friday. Compared to earlier weeks in April, the naira has posted steady gains, appreciating by about ₦19 over a two-week period.
Market analysts say the recent trend reflects growing stability in the FX market, even as external reserves saw a slight dip to $48.33 billion as of May 7, down marginally from previous levels.
Despite the drop, the CBN maintains an optimistic outlook, projecting reserves could rise to $51 billion by the end of 2026.
The upcoming 305th Monetary Policy Committee (MPC) meeting scheduled for May 19–20, 2026 is expected to shape the next direction of interest rates and broader monetary policy.
Do you think the naira’s current stability is sustainable, or could fresh pressure return in the coming months? Share your views in the comment section
