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The naira continued its downward slide against the US dollar at the official foreign exchange market on Tuesday, following the Central Bank of Nigeria’s (CBN) decision to maintain the Monetary Policy Rate (MPR) at 27.50%.
According to data released by the CBN, the naira depreciated to ₦1,535.24 per dollar, down from ₦1,532.54 recorded on Monday. This reflects a day-on-day loss of ₦2.70, marking the second consecutive decline for the naira this week.
In contrast, the parallel market—commonly referred to as the black market—saw no change in exchange rates. The naira traded flat at ₦1,540 per dollar, the same rate it posted on Monday, indicating relative stability in the informal trading space.
This latest depreciation at the official window coincides with the CBN’s decision to hold interest rates steady after its 301st Monetary Policy Committee (MPC) meeting. Despite the weakening currency, the apex bank appears committed to its tight monetary policy stance, aimed at controlling inflation and stabilising the economy.
Speaking after the MPC meeting, CBN Governor Olayemi Cardoso expressed optimism, stating that Nigerians are beginning to show renewed confidence in the local currency.
