The naira strengthened slightly at the official foreign exchange market on Monday as Nigeria awaited the Central Bank of Nigeria's interest rate decision. According to CBN data, the currency gained to N1,380.10 per dollar from N1,380.18 per dollar on Friday, marking a marginal appreciation of N0.08.
Activity at the parallel market told a different story. The naira held steady at N1,425 per dollar, unchanged from Friday's close.
Despite mixed movements in both markets, Nigeria's external reserves continued climbing to $51.92 billion as of July 16, 2026. The country's foreign exchange position has strengthened even as traders prepare for the apex bank's 306th monetary policy meeting on Tuesday.
The CBN currently pegs its benchmark interest rate at 26.50 percent. The National Bureau of Statistics reported that inflation stood at 15.91 percent in June.
Investors are watching closely as policymakers decide whether to adjust rates in response to price pressures. Tuesday's announcement could shift sentiment across Nigeria's currency markets.
