The Nigerian naira has appreciated significantly against the United States dollar in the official foreign‑exchange market. Central Bank of Nigeria data show the naira strengthened to N1,446.32 per dollar on Tuesday, up from N1,453.85 on Monday—a gain of N7.52, the largest daily increase in the past two weeks.
The appreciation follows the Central Bank’s decision, announced at its 303rd Monetary Policy Committee meeting, to keep the policy interest rate at 27 percent. Maintaining this rate, along with other monetary parameters, appears to have had a stabilising effect on the currency. In contrast, the black‑market rate remained unchanged at N1,465 per dollar, indicating that the official market is seeing increased activity and liquidity that is supporting the naira’s value.
Nigeria’s foreign‑exchange reserves currently stand at $44.46 billion, according to the central bank. The foreign‑exchange market has been under close scrutiny as the government and monetary authorities work to manage the economy and preserve stability. The decision to retain the interest rate is viewed as an effort to balance inflation control with the need to sustain economic growth. The bank’s actions will be closely monitored in the coming days, with the stability of the naira and the overall health of the economy serving as key indicators of the success of its monetary‑policy stance.
Comments are closed for this story.