The naira edged slightly firmer against the US dollar on Wednesday on Nigeria’s official foreign exchange window after the Central Bank of Nigeria kept its benchmark interest rate unchanged at 26.50%. Central bank figures showed the currency strengthened to 1,373.34 naira per dollar on Wednesday, compared with 1,373.87 naira per dollar on Tuesday—an improvement of about 0.5 naira on a day-to-day basis.
In the informal or “black” market, however, the naira held steady at 1,400 naira per dollar on Wednesday, the same level recorded the previous day. The currency’s mixed performance across the two market segments came alongside the central bank’s decision on Wednesday to maintain the country’s interest rate at 26.50% following deliberations by the monetary policy committee.
Support for the naira has also been linked to improving external buffers. Nigeria’s foreign reserves have continued to increase since May 8, 2026, reaching 48.72 billion US dollars as of May 19, 2026, based on central bank data. In contrast, the naira had weakened over the prior two days against the dollar on the official trading window, underscoring the currency’s recent volatility as policy expectations and reserve trends play out.
