The Nigerian naira saw a slight uptick in the official foreign exchange market this Monday, as stakeholders await the Central Bank of Nigeria’s (CBN) upcoming interest rate announcement. Official figures indicate the currency moved to N1,380.10 against the dollar, up from the N1,380.18 closing rate observed last Friday. This represents a minor appreciation of N0.08.
Conversely, the parallel market saw no movement, with the naira holding steady at N1,425 per dollar. While market performance remains mixed, national external reserves maintain a positive trend, reaching $51.92 billion as of July 16, 2026.
The market is currently reacting to the anticipation surrounding the CBN’s 306th Monetary Policy Committee session scheduled for Tuesday. The nation’s current benchmark interest rate is 26.50 percent, and the National Bureau of Statistics reported June inflation at 15.91 percent.
