The Nigerian naira continued its slide against the US dollar on Tuesday at the official foreign exchange market after the Central Bank of Nigeria (CBN) decided to keep the benchmark interest rate unchanged at 27.50 percent.
Official data from the CBN showed the naira closed at N1,535.24 per dollar, weaker than Monday’s rate of N1,532.54, marking a day‑to‑day loss of N2.70.
Black market stays flat
At the parallel market, the naira held steady at N1,540 per dollar, the same level recorded on Monday.
This marks the second time in the week that the currency has slipped in value on the official market.
MPC meeting outcome
The decline followed the outcome of the 301st Monetary Policy Committee (MPC) meeting, where the CBN opted to maintain the existing interest rate despite pressure on the local currency.
CBN Governor Olayemi Cardoso said Nigerians have greater confidence in the naira, but market figures continue to show volatility.