The naira has dropped again in the black market, falling against the dollar after the Central Bank of Nigeria (CBN) decided not to change the interest rate.

A currency dealer in Wuse Zone 4, Abubakar Alhasan, said on Tuesday that the naira was exchanged at N1628 per dollar. This is lower than Monday’s rate of N1617.

This means the naira lost N11 in value in just one day.

On the other hand, in the official market, the naira slightly improved. It moved from N1,598.72 on Monday to N1,598.68 per dollar on Tuesday, showing only a small change.

This change happened after the CBN’s Monetary Policy Committee held its 300th meeting. During the meeting, they chose to keep the interest rate at 27.50 percent. This was based on the falling inflation rate, which dropped to 24.23 percent in April 2025.

Speaking at the meeting, CBN Governor Olayemi Cardoso said that the naira has become more stable and competitive in recent months.