Naira Weakens Despite Rising Reserves as CBN Eases Monetary Policy
Despite rising reserves, the Nigerian Naira continued to weaken, closing at a lower rate per dollar in the official market. The Central Bank of Nigeria (CBN) eased its monetary policy following the conclusion of its 302nd Monetary Policy Committee meeting, leading to a 1% depreciation in the Naira on Tuesday.
The parallel market also saw a decline, trading at a wider gap compared to the official rate. However, Nigeria's external reserves reached a high of $42 billion, the highest level since September 2019, indicating a steady increase throughout September.
The CBN cut the Monetary Policy Rate (MPR) by 50 basis points to 27%, aiming to ease monetary conditions amidst signs of moderating inflation and a stronger macroeconomic outlook.
Plus234Feed summary based on reporting from News Online Nigeria. Read the original report below.
Read full article
Continue on News Online Nigeria
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Naira Weakens to N493/$1 After CBN MPC Meeting, Reserves at 2019 High
Nigerian Naira Strengthens Against US Dollar in Official and Black Markets
CBN Intervention Crashes Dollar Rate, Naira Gains Strength
Naira Depreciates to N1,535/$ Amid Market Uncertainty - Economic Impact Explained
CBN Hits 4-year High External Reserves of $41.05bn, Targets $100bn
Nigerian Naira Weakens as External Reserves Rise, FDI Concerns Grow
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
