On Tuesday, the Nigerian Naira saw further gains against the US Dollar in the official forex market. This upward trend coincided with the Central Bank of Nigeria’s (CBN) choice to hold the Monetary Policy Rate (MPR) steady at 26.50 percent.
Official records from the CBN indicate the local currency climbed to N1,375.31 per dollar, improving from Monday’s closing rate of N1,380.11. This represents a daily increase in value of N4.80 for the Naira.
In contrast, the black market exchange rate for the Naira stayed flat at N1,425 per dollar, matching the figures seen the day prior. The stability in the interest rate was confirmed during the 306th session of the CBN’s Monetary Policy Committee. Additionally, data indicates that Nigeria’s foreign reserves reached a level of $52.02 billion by July 20, 2026.
