Naira Strengthens to N1,441/$1 as CBN Maintains MPR at 27% to Stabilize FX Market

The Nigerian Naira appreciated to N1,441/$1 after the Central Bank of Nigeria (CBN) held its Monetary Policy Rate (MPR) at 27% during the 303rd MPC meeting in Abuja. The CBN's aggressive monetary tightening aims to stabilize the FX market and address inflationary pressures.

Governor Olayemi Cardoso emphasized the need for a restrictive stance to attract foreign inflows and support economic reforms. Standard Bank noted the CBN's efforts to stabilize the market, with the Naira reflecting sustained stability.

Bola Tinubu's budget speech projected a decline in inflation ahead of the 2027 general elections.