The Nigerian naira is now less than N30 away from breaching the significant psychological threshold of N1,500 per dollar in the official market, closing at N1,528/$ on Friday. This follows slight depreciation from Thursday’s exchange rate but signals resilience amid broader improvements in the currency’s fundamentals.
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One of the driving factors behind the naira’s relative firmness is the resumption of international transactions using naira-denominated debit cards by major Nigerian banks. Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Stanbic IBTC, and Wema Bank have all reinstated the option for customers to carry out foreign currency transactions using their naira cards, which had previously been suspended due to forex volatility.
GTBank informed its customers that they could now spend internationally up to $1,000 every three months with their naira cards. This includes ATM withdrawals up to $500 and combined online and point-of-sale (POS) payments up to $1,000.
UBA also announced the reactivation of international usage for its premium naira cards, including Gold, Platinum, and World variants, highlighting the bank’s commitment to enhancing customer experience.
These developments come as the Central Bank of Nigeria (CBN) continues to receive backing from international financial institutions like the International Monetary Fund (IMF), which endorsed the apex bank’s tight monetary policy as necessary for controlling inflation and restoring economic stability.
In its 2025 Article IV Consultation Report, the IMF praised the CBN’s decision to maintain a restrictive policy stance and halt the monetisation of fiscal deficits — a former practice that fueled inflation. The CBN last held its Monetary Policy Rate (MPR) at 27.5%, with commercial banks’ cash reserve ratio at 50%.
Meanwhile, on the global front, the US dollar saw a slight decline on Friday after gaining momentum in the previous session due to better-than-expected jobs data that cast doubt on immediate interest rate cuts by the US Federal Reserve.
The Dollar Index dipped by 0.2% to 96.605, tracking the dollar’s performance against a basket of six major currencies. The US currency had strengthened on Thursday but was weighed down by fresh uncertainties surrounding US trade policy and global inflation concerns.
Fed Chairman Jerome Powell hinted at possible rate cuts in the months ahead during the European Central Bank’s forum in Sintra, Portugal. He noted concerns over tariffs and inflation but emphasized his priority remains maintaining a healthy economy for his eventual successor.
In Europe, the euro strengthened slightly to $1.1774, despite disappointing German industrial order figures. The European Central Bank, which has already cut rates eight times in the past year, is expected to pause further cuts at its next meeting.
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