The naira strengthened versus the US dollar in Nigeria’s official foreign-exchange market on Tuesday, extending gains as the Central Bank of Nigeria kept its policy stance unchanged. The central bank held the Monetary Policy Rate (MPR) at 26.50%, according to its latest data. The naira moved to 1,375.31 per dollar on Tuesday, compared with 1,380.11 traded on Monday, implying a day-on-day rise of 4.80 naira against the greenback in the official market.
In the parallel (black) market, however, the currency showed no movement: the naira was quoted at 1,425 per dollar on Tuesday, matching the rate from the previous day. The development followed the CBN’s 306th meeting of the Monetary Policy Committee, which also decided to maintain the interest rate at 26.50%.
Meanwhile, foreign reserves increased to $52.02 billion as of July 20, 2026, providing additional support to the broader external position.
