Naira Appreciates Against the US Dollar by 0.48%

The Naira further appreciated against the US Dollar on Tuesday, May 20, 2025, by 0.48 per cent or N7.69 at the Nigerian Autonomous Foreign Exchange Market (NAFEM)

The Naira appreciated further against the US Dollar on Tuesday, May 20, 2025, at the Nigerian Autonomous Foreign Exchange Market (NAFEM) as the Central Bank of Nigeria (CBN) kept the benchmark interest rate at 27.50 per cent.

During the trading session, the exchange rate closed at N1,591.25/$1, in contrast to Monday’s price of N1,598.94/$1. This represents a 0.48 per cent rise or a reduction in value of N7.69.

Also, in the official market, the local currency appreciated against the Pound Sterling by N10.79 to sell for N2,126.60/£1 on Tuesday compared to Monday’s rate of N2,137.29/£1.

Furthermore, the Naira chalked up gains of N7.51 against the Euro to finish the session at N1,791.49/€1 compared to the previous day’s N1,799.00/€1.

In the black market, the Nigerian currency remained stable against the Dollar during the session to quote at N1,625/$1.

The Monetary Policy Rate (MPR) was left at 27.50 per cent, the Cash Reserve Ratio (CRR) remained at 50 per cent, and the Liquidity Ratio (LR) was kept at 30 per cent at the 300th Monetary Policy Committee (MPC) meeting on Tuesday.

Announcing this, the CBN Governor, Mr Yemi Cardoso, said the Naira is stable and more competitive in the FX market, indicating stability for the Nigerian economy.

Now, turning to the cryptocurrency market, Cardano (ADA) experienced a surge of 2.5 per cent, pushing the price up to $0.7549.

In a similar vein, Dogecoin (DOGE) also went up by 1.6 per cent to reach a price of $0.2278.

Bitcoin (BTC) increased its value by 1.4 per cent to close at $107,038.79, Binance Coin (BNB) rose by 1.2 per cent to finish at $655.82, and Ethereum (ETH) chalked up gains of 0.7 per cent to close at $2,557.02.

On the other hand, Litecoin (LTC) recorded a depreciation of 0.8 per cent, settling at $95.07, and Ripple (XRP) slumped by 0.2 per cent to close at $2.35.

As for the US Dollar Tether (USDT) and the US Dollar Coin (USDC), both cryptocurrencies remained stable, closing at $1.00.