Naira Weakens to N493/$1 After CBN MPC Meeting, Reserves at 2019 High
Following the conclusion of the 302nd Monetary Policy Committee (MPC) meeting by the Central Bank of Nigeria (CBN), the Naira weakened to N493/$1 on Tuesday in the official market. This represents a slight depreciation from the previous days.
Additionally, the parallel market saw the Naira slipping further. The external reserves have reached their highest level since late September 2019.
The MPC, during its recent meeting, reduced the Monetary Policy Rate (MPR) by 50 basis points to 27%. This decision was made to stimulate economic growth and encourage borrowing.
The MPC also adjusted the asymmetric corridor around the MPR.
Plus234Feed summary based on reporting from NairaMetrics. Read the original report below.
Read full article
Continue on NairaMetrics
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Naira Weakens Despite Rising Reserves as CBN Eases Monetary Policy
Nigerian Naira Weakens Despite Reserve Gains; Foreign Reserves Reach $43.32 Billion
CBN's MPC Members Analyze Naira Stability, Exchange Rate Convergence, and Inflation Risks
CBN MPC Considers Rate Cut Amid Inflation Dip
Naira Depreciates Against Dollar, CBN Releases New Rates, Foreign Reserves Rise
Nigerian Naira Surges to N1,455/$ as Reserves Reach $43 Billion, CBN Reforms Boost Confidence
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
