Naira Appreciates as CBN Maintains Policy

The Naira showed renewed strength at the official foreign exchange window, trading consistently below N1,450 per dollar throughout the week. This marked a significant improvement from the previous trading cycle, when the currency remained under pressure and closed above that level on most days.

The currency opened at N1,452 per dollar and appreciated steadily as the week progressed, eventually closing at N1,446.9 per dollar. This recovery contrasts with the previous week, when the Naira fluctuated sharply and ended around N1,458 per dollar after several days of heavy pressure.

The Monetary Policy Committee of the Central Bank of Nigeria maintained all key monetary indicators, including the Monetary Policy Rate at 27 percent, as part of efforts to sustain price stability and support ongoing gains in the foreign exchange market. The committee noted that the recent decline in headline, food, and core inflation reflected the impact of tight monetary policy, improved exchange rate stability, better food supply, and a stronger current account position.

The CBN Governor explained that maintaining a restrictive stance remains essential to attracting foreign inflows, enhancing transparency, and consolidating stability in the foreign exchange market.