The naira appreciated at the official foreign exchange market on Monday ahead of the Central Bank of Nigeria’s, CBN Monetary Policy Committee, MPC, interest rate decision.
CBN data showed that the naira gained slightly to N1,380.10 per dollar on Monday from N1,380.18 per dollar recorded last Friday.
This means that at the official foreign exchange market, the naira strengthened marginally by N0.08 on Monday.
Meanwhile, at the black market, the naira remained unchanged at N1,425 per dollar on Monday, the same rate recorded at the close of trading last Friday.
Despite the mixed sentiment across the official and parallel foreign exchange markets, the country’s external reserves have continued their appreciation streak, rising to $51.92 billion as of July 16, 2026.
Monday’s exchange rate comes as the Nigerian economy braces for the outcome of the apex bank’s 306th MPC meeting on Tuesday.
Currently, Nigeria’s benchmark interest rate stands at 26.50 percent, while the inflation rate was 15.91 percent in June, according to the National Bureau of Statistics (NBS).