The naira appreciated significantly against the United States dollar at the official foreign exchange market after the Central Bank of Nigeria retained a 27 percent interest rate.

 

 

CBN’s data showed that it strengthened significantly to N1,446.32 against the dollar on Tuesday, up from N1,453.85 traded on Monday.

 

This means that the Naira gained a whopping N7.52 on a day-to-day basis, the highest in the last two weeks.

 

 

Meanwhile, at the black market, the Naira remained stable at N1465 per dollar on Tuesday, the same rate as on Monday.

 

 

This development follows the Central Bank of Nigeria’s 303rd Monetary Policy Committee meeting, during which the interest rate was retained at 27 percent and other monetary parameters remained unchanged.

 

 

UGAMATV reports that Nigeria’s foreign reserves stood at $44,46 billion according to the apex bank’s data.