Naira Records Massive Gain Against Dollar

The naira recorded a sharp surge against the United States dollar at the official foreign exchange window shortly after the Central Bank of Nigeria maintained its benchmark interest rate at 27 per cent.

Fresh figures from the CBN revealed that the currency strengthened impressively to N1,446.32 per dollar on Tuesday, improving from Monday’s rate of N1,453.85.

In practical terms, the naira gained N7.52 within 24 hours—its strongest rise in the past two weeks.

Over in the black market, however, the currency held steady at N1,465 per dollar on Tuesday, unchanged from the previous day.

This upward movement followed the CBN’s 303rd Monetary Policy Committee meeting, where the bank opted to retain the 27 per cent interest rate alongside other monetary indicators.

According to updated data from the apex bank, Nigeria’s foreign reserves currently stand at $44.46 billion.