Naira Rebounds Strongly as CBN Maintains 27% Interest Rate
The Nigerian naira recorded a significant appreciation against the United States dollar on Tuesday, following the Central Bank of Nigeria’s decision to retain the Monetary Policy Rate at 27 per cent during its 303rd Monetary Policy Committee meeting.
According to official data released by the CBN, the naira strengthened to ₦1,446.32/$1, improving from ₦1,453.85/$1 recorded on Monday. This reflects a day-to-day gain of ₦7.52, marking the strongest appreciation seen in the past two weeks.
In the parallel market, however, the currency held steady at ₦1,465/$1, the same rate traded the previous day, indicating stability outside the official window.
The CBN’s retention of key monetary parameters appears to have contributed to the improved market confidence reflected in Tuesday’s performance.
Meanwhile, Watchtower Media reports that Nigeria’s foreign reserves currently stand at $44.46 billion, according to figures published by the apex bank.