As of May 20, 2025, the exchange rate of the Nigerian Naira (NGN) to the US Dollar (USD) reflected ongoing economic pressures and market dynamics. According to the Central Bank of Nigeria (CBN), the official rate stood at ₦1,600.03 per $1. This rate marked a continuation of the Naira’s recent trend of depreciation, driven by inflation, foreign exchange shortages, and broader macroeconomic challenges.
In the parallel market, where foreign exchange is traded more freely, the rate was notably higher. On that same day, one US dollar traded for approximately ₦1,619.38, underscoring the gap between the official and street market rates. This disparity has persisted for months, fueling debate over currency unification and economic reforms.
Earlier in May, the Naira had shown slight fluctuations, with the exchange rate peaking at ₦1,607.05 per dollar on May 8, 2025. These shifts reflect both global economic influences and domestic policy responses.
The continued volatility in the Naira's value highlights the need for sustainable monetary policies and structural reforms to stabilize the Nigerian economy and restore investor confidence.
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