Recent data Central Bank of Nigeria (CBN) shows that the naira recorded a 1.28 per cent gain throughout May.
At the beginning of May, the naira had traded at around ₦1,610/$1 before starting its downward trend.
The gains follow last week’s upgrading of Nigeria’s sovereign rating from Caa1 to B3 by the global credit ratings agency, Moody’s.
The naira maintained relative stability from May 23 to May 30, fluctuating between ₦1,579/$1 and ₦1,592/$1. This contrasts with the currency’s performance in the first week of May when it traded between ₦1,607/$1 and ₦1,612/$1 in the official market.
The naira also appreciated to ₦1,610 per US dollar in the parallel market on Monday, after a turbulent performance in May, during which the currency declined by 1.24% in the parallel (black) market from the beginning of the month.