The naira recorded a strong appreciation against the US dollar at the official foreign exchange market on Tuesday, following the Central Bank of Nigeria’s decision to retain the benchmark interest rate at 27 per cent.
According to figures from the CBN, the local currency strengthened to N1,446.32 per dollar, improving from N1,453.85 recorded on Monday. The N7.52 day-on-day gain marks the naira’s biggest jump in two weeks.
In the parallel market, however, the naira held steady at N1,465 per dollar, the same rate as the previous day.
The currency’s rise comes on the heels of the CBN’s 303rd Monetary Policy Committee meeting, where the apex bank retained all key monetary parameters.
Meanwhile, Nigeria’s foreign reserves stand at $44.46 billion, according to the latest CBN data.
