Naira Weakens in Black Market Following CBN’s Interest Rate Decision

The Nigerian naira fell against the US dollar in the parallel market on Tuesday, following the Central Bank of Nigeria’s (CBN) decision to maintain the Monetary Policy Rate at 27.5 percent.

According to Bureau de Change operator Abubakar Alhasan, who spoke to Daily Post from Wuse Zone 4 in Abuja, the naira traded at N1,628 per dollar, marking a decline of N11 from Monday’s rate of N1,617.

At the official market, however, the naira showed a slight gain, appreciating by 0.04 percent to close at N1,598.68 per dollar, compared to N1,598.72 on Monday.

The CBN’s decision came during the 300th meeting of its Monetary Policy Committee, which opted to hold the benchmark interest rate steady in light of the country’s gradually declining inflation rate, which stood at 24.23 percent in April 2025.

CBN Governor Olayemi Cardoso noted during the post-meeting briefing that the naira has become more competitive in recent months, reflecting the bank’s ongoing monetary and exchange rate policy efforts.