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

The naira closed at N1,353.5/$ on Monday, down from N1,348/$ last Friday, ahead of the Central Bank of Nigeria's 304th Monetary Policy Committee meeting in Abuja. Intraday trading ranged between N1,343/$ and N1,354.5/$ with a simple average of N1,349.24/$. The parallel market strengthened to N1,358/$ from N1,361.5/$ on Friday. External reserves rose to $48.77 billion. Analysts are divided on whether the MPC will ease policy, with inflation at 15.1% for eleven consecutive months. The meeting will clarify exchange rate stability and liquidity conditions.

SOURCE: https://nairametrics.com/2026/02/24/naira-weakens-to-n1353-5-ahead-of-304th-mpc-meeting/