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.