Market News
Nigerian currency extends depreciation ahead of CBN’s interest decision - DAILY POST
The Naira extended depreciation against the dollar at the official foreign exchange market on Tuesday ahead of the Central Bank of Nigeria’s interest rate decision.
The apex bank data showed that the naira dropped slightly to N1,373.87 per dollar on Tuesday, down from N1,373.70 traded on Monday.
This means that on a day-to-day basis the naira dropped marginally by N0.17 against the dollar at the official foreign exchange market.
Meanwhile at the black market, the Naira remained flat at N1,400 per dollar on Tuesday, the same exchange rate recorded on Monday.
The development comes amid the recent continued rise in foreign reserves, which rose to $48.68 billion as of May 18, 2026.
DAILY POST reports that the apex bank is expected to announce its fresh monetary policy decision on Wednesday after its 305th meeting.
Recall that in the Naira weakened against the dollar at the official FX market.
