Naira Falls to N1,359 per Dollar After CBN Rate Cut

The naira weakened to N1,359 per US dollar on Tuesday, following a 50 basis point cut in the Monetary Policy Rate by the Central Bank of Nigeria.

The currency closed lower than Monday’s rate of N1,353.5/$, reflecting mild pressure in the official foreign exchange market as investors assessed the implications of the rate decision.

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The CBN reduced the interest rate from 27 per cent to 26.5 per cent while leaving other key policy parameters unchanged. Cash Reserve Ratios, Liquidity Ratios, and the Standing Facilities Corridor remained at existing levels.