The naira weakened slightly in the official foreign exchange market on Monday, closing at N1,353.5 to the dollar ahead of the 304th Monetary Policy Committee meeting of the Central Bank of Nigeria in Abuja. Data published by the apex bank showed the currency had closed at N1,348 to the dollar last Friday.
Intraday trading ranged between a high of N1,354.5 and a low of N1,343 to the dollar, settling at a simple average rate of N1,349.24. In the parallel market, the naira strengthened marginally to N1,358 from N1,361.5 quoted on Friday.
Central Bank data also showed Nigeria’s external reserves rose to 48.77 billion dollars. Market participants are awaiting the outcome of the two-day MPC meeting scheduled for February 23 and 24, 2026.
Also Read: Interest Rate Rises to 18.75% Following MPC Meeting
At its 303rd meeting in November 2025, the committee retained the Monetary Policy Rate at 27 per cent, the Cash Reserve Ratio at 45 per cent for Deposit Money Banks and 16 per cent for Merchant Banks, and the Liquidity Ratio at 30 per cent, maintaining a tight monetary stance.
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