The naira held steady at the official market, even as parallel rates slipped and inflation eased for the first time in months.
The naira closed the week stronger at N1,599.01/$1 (official market), up from N1,599.99/$1 Thursday. Intra-day swings hit N1,603.50/$1 (high) and N1,597.00/$1 (low).
Weekly Official Rates
Mon: N1,597.70
Tue: N1,599.75
Wed: N1,596.01
Thu: N1,599.99
Fri: N1,599.01
Parallel Market
√ Started week at N1,633/$1, ended at N1,628/$1
√ Peak depreciation at N1,635/$1 (Thursday) due to import demand
Inflation
√. Dropped to 23.71% in April, down from 24.23% in March
√. First decline in months offers slight economic relief
External Reserves
√. Rose by $364 million (April 30–May 14) to $38.298 billion
√. First sustained rebound in 2025, driven by FX reforms and transparency
Looking Ahead
√ CBN’s 300th MPC meeting set for May 19–20
√ Key for guiding monetary stance amid cautious optimism
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