• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, July 27, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Naira Gains N8.23 After CBN Interest Rate Hold

by Leadership News
2 months ago
in Business
Naira is Nigeria's currency, Dollar is recognised world currency

Naira is Nigeria's currency, Dollar is recognised world currency

Share on WhatsAppShare on FacebookShare on XTelegram

The naira appreciated by 0.5 per cent against the United States dollar after the decision by the Central Bank of Nigeria (CBN) to retain the Monetary Policy Rate (MPR) at 27.5 per cent.

Advertisement

Data from the Nigerian Foreign Exchange Market (NFEM) on Tuesday showed that the local currency closed at N1,590.45 per dollar, reflecting a gain of N8.23 compared to the previous day’s rate of N1,598.68, according to BUSINESSDay reports.

Despite the gain in the official window, the naira traded steadily at the parallel market, with street traders quoting the dollar at N1,620. One trader remarked, “There hasn’t been much movement on the street rate, but there’s growing optimism with what the central bank is doing.”

Market activity at the NFEM reflected strong momentum as foreign exchange inflows rose sharply to $914 million last week, up from $619 million the week before. This represents a week-on-week increase of 47.66 per cent, according to a report by Coronation Merchant Bank’s research department.

A detailed breakdown of the sources of inflows revealed that the CBN contributed 25.41 percent of the total, while Foreign Portfolio Investors accounted for 12.53 percent. Non-bank corporates were responsible for 28.85 per cent, exporters brought in 20.79 percent, and other sources made up the remaining 12.42 per cent.

RELATED

What Attracts Kenyan Punters Most To Sports Betting

Tech Upgrades That Ensure Faster Player Settlements

12 hours ago
Experts Laud CG As Customs Grants 90-day Window To Regularise Imported Vehicles Duty

Customs Grants 223 Importers 21-day Ultimatum Over N379.6bn Duty Violations

19 hours ago

In addition to the improved inflows, Nigeria’s gross foreign reserves rose by 0.55 percent within the week, closing at $38.34 billion as of May 16, 2025. The naira also posted a marginal gain of 0.02 percent against the Chinese Yuan, closing at N221.77 to one Yuan.

Governor of the CBN, Olayemi Cardoso, while addressing journalists on Tuesday after the Monetary Policy Committee’s two-day meeting, confirmed that all key monetary parameters were left unchanged.
He explained that the decision was informed by the need to sustain macroeconomic stability, highlighting that recent reforms have started yielding positive outcomes. According to him, “Volatility in the foreign exchange market has declined significantly, falling below 0.5 percent as our monetary and fiscal reforms begin to stabilise the macroeconomic environment.”

Cardoso pointed to the reduction in exchange rate volatility as a sign of growing confidence in the Nigerian economy. He noted that the naira had witnessed only modest depreciation during recent global economic tensions and attributed its relative stability to timely reforms and improved buffers. “If you look at the exchange rate, volatility has reduced from over 4 per cent a year ago to less than half of 1 percent now. That’s an indication of stability,” he said.

He also emphasised that the country now has “a relatively more competitive currency.”In the previous week, the naira had gained 0.46 percent against the US dollar in the official spot market, closing at N1,598.72 per dollar after three weeks of consistent losses. Forward market rates also showed movement, with the one-month forward closing at N1,636.05, the three-month contract at N1,700.59, the six-month contract at N1,793.67, and the one-year forward rate at N1,972.22 per dollar. However, in the parallel market, the naira slipped slightly, losing 0.12 percent to close at N1,627 per dollar on Friday, the report indicated.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Central Bank of Nigeria (CBN)Monetary Policy Committee (MPC)Naira AppreciatesOlayemi Cardoso
SendShareTweetShare
Previous Post

NASS Compulsory Voting Law Stinks

Next Post

Stock Market Reverses Gain With N70bn Loss

Leadership News

Leadership News

You May Like

What Attracts Kenyan Punters Most To Sports Betting
Business

Tech Upgrades That Ensure Faster Player Settlements

2025/07/26
Experts Laud CG As Customs Grants 90-day Window To Regularise Imported Vehicles Duty
Business

Customs Grants 223 Importers 21-day Ultimatum Over N379.6bn Duty Violations

2025/07/26
Nigeria, UK Strengthen Relations On Trade, Standards
Business

Nigeria, UK Strengthen Relations On Trade, Standards

2025/07/26
Transcorp Hotels Appoints Osakwe As Non-executive Director
Business

Transcorp Hotels Posts N12.228bn Pre-tax Profit, To Pay N1.02bn Interim Dividend

2025/07/26
Naira
Business

Fintech Experts Create Platform To Connect Startups With Investors

2025/07/26
NLNG Ties 2023 Science Quiz Competition To Net Zero Emission
Business

The NLNG Prize For Literature 2025 Offers $100,000 To Winner

2025/07/26
Leadership Conference advertisement

LATEST

Remi Tinubu Hails Falcons, Says ‘You’ve Written Your Names In Gold’

BREAKING: Super Falcons Clinch 10th WAFCON Title

Emmanuel, Adesuwa Crowned Champions Of 46th CBN Tennis Tourney

Police Arrest 6 Suspected Kidnappers In Kaduna, Zamfara

78 Sanitation Offenders Arrested In Edo

BBNaija S10: HoH Challenge To Hold Sundays, HoH Challenger On Monday

2025 Women’s Afrobasket: D’Tigress Thrash Rwanda In Opening Game

Ondo Varsity Students Protest Murder Of Female Colleague

Army Debunks Report Of Delayed Promotion, Allowances

Constitution Review: North-West States Reject Diasporan Voting, Back State Creation

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.