The Naira depreciated against the dollar at the parallel foreign exchange market after the Central Bank of Nigeria retained the country’s interest rate.

A Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, confirmed to DAILY POST that the naira exchanged for N1628 per dollar on Tuesday, down from N1617 traded on Monday.

This means that it depreciated by N11 per dollar on a day-to-day basis.

Meanwhile, at the official market, the naira gained marginally, 0.04, to close at N1,598.68 against the dollar on Tuesday compared to N1,598.72 was exchanged the previous day.

This comes as the CBN Monetary Policy Committee’s 300th meeting retained the Monetary Policy Rate at 27.50 percent in response to the country’s easing inflation rate at 24.23 percent in April, 2025.

In his comments at the press briefing at the MPC meeting, CBN governor, Olayemi Cardoso stated that the country’s currency, the naira, has become competitive in the last months.