Naira Edges Higher at Official Market as CBN Holds Rate at 26.50%
By Aboki Forex —
The naira appreciated slightly against the dollar on Wednesday at the official foreign exchange market. This came after the Central Bank of Nigeria (CBN) held the benchmark interest rate at 26.50 percent.
CBN data showed the naira strengthened to N1,373.34 per dollar on Wednesday from N1,373.87 on Tuesday. That represents a marginal gain of 53 kobo on a day-to-day basis.
At the black market, the naira remained unchanged at N1,400 per dollar on Wednesday. This was the same rate recorded the previous day.
The development follows the CBN Monetary Policy Committee’s decision to hold the interest rate steady at 26.50 percent on Wednesday. The committee cited the need to sustain price stability and support ongoing disinflation efforts.
Meanwhile, Nigeria’s foreign reserves have continued to rise since May 8, 2026. According to the apex bank, reserves stood at $48.72 billion as of May 19. This marks a sustained increase from earlier levels.
Recall that in the past two days, the naira had depreciated against the dollar at the official market. Wednesday’s slight rebound offers a brief relief for traders and importers.