The naira continued to lose ground against the US dollar at Nigeria’s official foreign exchange window on Tuesday, tracking expectations around the Central Bank of Nigeria’s upcoming interest rate call. Central bank figures showed the local currency eased slightly to 1,373.87 naira per dollar on Tuesday, compared with 1,373.70 naira per dollar on Monday—an almost negligible day-to-day decline of 0.17 naira in official-market terms.
Official and parallel-market moves
While the naira slipped marginally at the official window, it held steady in the parallel, or black, market. The exchange rate in that market remained unchanged at 1,400 naira per dollar on Tuesday, the same level recorded on Monday.
Reserves rise as policy decision nears
The currency’s pattern comes as Nigeria’s foreign exchange reserves continue to climb. Reserves increased to 48.68 billion dollars as of May 18, 2026, providing a supportive backdrop as traders look ahead to the central bank’s next step on monetary policy.
What the central bank is expected to do
Market attention is focused on the Central Bank of Nigeria’s fresh monetary policy decision scheduled for Wednesday, following its 305th meeting. The latest exchange-rate developments—particularly the continued depreciation at the official FX market—are unfolding in the lead-up to that announcement.
