The naira closed May 2026 at ₦1,372/$ as investors tracked forex movements closely.
By May 29, traders set the closing rate at ₦1,372/$, slightly weaker than April’s ₦1,367/$ finish.
Although the naira slipped slightly month-on-month, it still recorded stronger yearly performance against the dollar.
Naira Ends May Steady At ₦1,372/$
In May 2025, the market closed at ₦1,585.50/$, showing a clear improvement over twelve months.
Central Bank of Nigeria data confirmed a 13.5% appreciation of the naira year-on-year.
Analysts linked the gain to stronger liquidity, policy reforms, and rising investor confidence.
Throughout May, the currency traded within tight bands, which reduced volatility significantly.
The naira opened at ₦1,367.50/$, then rose to its strongest level of ₦1,358.01/$ on May 7.
After that, market activity stabilised as the exchange rate hovered between ₦1,372/$ and ₦1,375/$.
Read Also: NNPC Sees 79% Revenue Jump, Reaches ₦4.97Tn In April 2026
However, trading paused briefly on May 27 and 28 due to Eid-el-Kabir holidays.
CBN Maintains Tight Policy Stance
Meanwhile, the Central Bank kept monetary policy tight to support inflation control and naira stability.
In addition, policymakers retained the Monetary Policy Rate at 26.5% to guide market expectations.
They also held the Cash Reserve Ratio at 45% for commercial banks and 16% for merchant banks.
Furthermore, the bank maintained the asymmetric corridor at +500/-100 basis points.
CBN Confirms Inflation Control Focus
The CBN stated that these measures aimed to strengthen inflation control and foreign exchange stability.
As a result, investors expect further stability if reforms and liquidity gains continue.
Finally, market participants believe sustained reforms could further reduce exchange rate volatility ahead.
