Naira Weakens to N1,353.5/$ Ahead of MPC Meeting

The Naira depreciated to N1,353.5 per US dollar in the official foreign exchange market on Monday, just ahead of the 304th Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria, which is set to conclude on Tuesday in Abuja. Data published on the apex bank's website indicated that the currency had weakened from N1,348 recorded the previous Friday.

This depreciation reflects investor positioning as they anticipate policy directives from the upcoming MPC meeting. Intraday trade data showed that the Naira traded as high as N1,354.5 and as low as N1,343, settling at an average rate of N1,349.24.

The official market data suggests mild pressure on the Naira, while the parallel market recorded a margin gain. The external reserves have shown an upward trend, and market participants are cautiously awaiting the outcomes of the MPC deliberations.

The last MPC meeting was held in November 2025, where the committee retained the monetary policy rate at 27.00% and the cash reserve ratio at 45.00%.