Naira Drops Marginally Against Dollar Ahead of CBN Rate Decision

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The naira extended its depreciation against the dollar at the official foreign exchange market on Tuesday, just before the Central Bank of Nigeria’s interest rate decision.

Data from the apex bank showed the naira dropped slightly to N1,373.87 per dollar, down from N1,373.70 traded on Monday. This represents a daily decline of N0.17 against the greenback.

At the black market, the naira remained flat at N1,400 per dollar on Tuesday, the same rate recorded on Monday.

The development comes amid a continued rise in Nigeria’s foreign reserves, which climbed to $48.68 billion as of May 18, 2026.

The Central Bank of Nigeria is expected to announce its fresh monetary policy decision on Wednesday after its 305th meeting. The naira had previously weakened against the dollar at the official FX market.

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