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The Naira closed the first trading week of May 2026 on a relatively stable note against the United States dollar, settling at N1,364/$ in the official foreign exchange market.

Data from the Central Bank of Nigeria (CBN) showed that the currency maintained positive momentum for most of the week, reinforcing signs of improving stability in Nigeria’s foreign exchange market.

The latest performance extends the gains recorded at the close of April and reflects growing market confidence in the ongoing foreign exchange reforms being implemented by the CBN.

The naira traded within a relatively narrow range throughout the week, highlighting reduced volatility and stronger market stability.

Compared to the previous week, the local currency also recorded stronger levels.

The latest movement means the naira gained about N19 against the dollar over a two-week period.

The recent appreciation further reflects the currency’s recovery from earlier pressures seen at the beginning of April.

Nairametrics previously reported that the naira closed April 2026 at N1,374/$ compared to N1,387/$ recorded at the end of March, marking the first April gain for the currency since 2024.

The naira’s gains come despite a slight decline in Nigeria’s external reserves, which remain a key indicator of the CBN’s intervention capacity.

Nairametrics reported earlier that traders have said the CBN had maintained restrictions on Bureau De Change (BDC) operators’ access to the official foreign exchange market, citing concerns over control and past abuses.

Nairametrics reported earlier that Nigeria’s external reserves declined by about $731 million within the first three weeks of April 2026.

Despite the recent dip, the CBN maintains an optimistic outlook for the country’s external reserves.

The CBN has scheduled its 305th Monetary Policy Committee (MPC) meeting for May 19–20, 2026, according to an official MPC Calendar.

This meeting follows the February 2026 rate cut and will determine the direction of the monetary policy rate (MPR) to maintain economic stability.