The Nigerian naira has recorded a massive appreciation against the US dollar in both the official and parallel foreign exchange markets on a week-on-week basis, according to recent data.

Central Bank of Nigeria's exchange rate data for the period between May 16 and May 23, 2025, revealed that the naira strengthened significantly to N1,580.44 per dollar from N1,598.72 at the official market. This represents an appreciation of N18.28 or 1.1 percent against the dollar.

Similarly, in the parallel market (commonly known as the black market), the naira gained N20 to close on Friday at N1,615 per dollar during the period under review.

This positive trend in the naira's performance comes after CBN Governor Olayemi Cardoso's recent statement at the conclusion of the 300th Monetary Policy Committee meeting, where he declared that the naira has become "a more stable and competitive currency."

The appreciation of the naira in both markets indicates growing confidence in Nigeria's currency and could potentially lead to reduced import costs and improved economic stability if the trend continues.

Financial analysts are closely monitoring these developments as they may signal the effectiveness of recent monetary policies implemented by the Central Bank of Nigeria to stabilize the foreign exchange market.