The naira on Wednesday traded almost flat against the dollar in the official foreign exchange (FX) market on the same day the Central Bank of Nigeria (CBN) retained its benchmark Monetary Policy Rate (MPR) at 26.5 percent.
Data from the CBN showed that the naira appreciated marginally by 53 kobo, with the dollar quoted at N1,373.34 on Wednesday compared to N1,373.87 on Tuesday at the Nigerian Foreign Exchange Market (NFEM).
Turnover at the NFEM window declined by 18.65 percent to $286.03 million on Tuesday, representing a drop of $65.57 million from $351.60 million recorded the previous day. The number of deals at the NFEM remained the same at 261.
In the interbank segment, the number of deals rose by 47.37 percent from 76 transactions on Tuesday to 112 on Wednesday. However, total interbank turnover decreased slightly by 6.08 percent to $68.02 million, down from $72.42 million recorded the previous day.
At the parallel market, also known as the black market, the naira weakened by N5 to close at N1,395 per dollar on Wednesday, compared to N1,390 on Tuesday. This widened the gap between the official and parallel market rates to N22 per dollar from N17 recorded earlier in the week.
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Following the conclusion of its two-day Monetary Policy Committee (MPC) meeting on Wednesday, the CBN voted to retain all key monetary policy parameters, reaffirming its commitment to price stability and long-term economic sustainability.
The apex bank retained the MPR at 26.5 percent, while the asymmetric corridor around the MPR was left unchanged at +50/-450 basis points.
The Cash Reserve Ratio (CRR) for Deposit Money Banks was maintained at 45 percent, while the CRR for Merchant Banks remained at 16 percent. The liquidity ratio was also retained at 75 percent.
Speaking at a post-MPC briefing, Olayemi Cardoso, governor of the CBN, said Nigeria’s gross external reserves increased to $49.49 billion as of May 15, 2026, from $48.35 billion at the end of March.
According to him, the reserve level provides more than nine months of import cover, strengthening the country’s external buffer amid ongoing reforms in the foreign exchange market.
