The Nigerian naira continued its upward movement against the United States dollar at the official foreign exchange market on Tuesday following the decision of the Central Bank of Nigeria (CBN) to maintain its Monetary Policy Rate (MPR) at 26.50 percent.
Data released by the apex bank showed that the naira exchanged at N1,375.31 per dollar on Tuesday, compared to N1,380.11 per dollar recorded on Monday. This indicates that the local currency gained N4.80 against the dollar within 24 hours at the official market.
The latest improvement reflects the naira’s recent positive performance, which has been supported by monetary policy measures introduced by the CBN to stabilize the foreign exchange market and improve investor confidence.
However, the situation remained unchanged at the parallel market, popularly known as the black market, where the naira traded at N1,425 per dollar. The exchange rate was the same as that recorded on Monday, showing stability in the unofficial segment of the market.
The development came after members of the CBN’s Monetary Policy Committee met for their 306th session and agreed to leave the benchmark interest rate unchanged at 26.50 percent. The committee maintained that the current rate would help sustain efforts to control inflation while supporting economic stability.
Economic observers believe that keeping the interest rate unchanged could encourage confidence among investors and help preserve recent gains recorded by the naira.
Meanwhile, Nigeria’s foreign reserves continued to rise, reaching $52.02 billion as of July 20, 2026. The increase in reserves is seen as a positive sign for the economy, as it provides the country with a stronger buffer against external shocks and supports the CBN’s ability to manage exchange rate pressures.
Analysts say the combination of rising reserves, stable monetary policy, and improved foreign exchange liquidity may help the naira maintain its recent momentum in the coming weeks.
