The Naira posted modest gains on Monday ahead of the Central Bank of Nigeria’s 303rd Monetary Policy Committee meeting, scheduled for 24–25 November in Abuja. Official data shows the currency closed at N1,452 to the dollar, up from N1,458 on Friday.
However, the parallel market moved in the opposite direction, with the Naira weakening slightly to N1,472 from N1,462. The mixed performance comes as investors position for the MPC’s assessment of rising reserves, easing inflation pressures and continued strain on the currency.
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At its previous meeting, the Committee cut the Monetary Policy Rate by 50 basis points to 27% and narrowed the policy corridor to improve liquidity management. Other key ratios, including the 45% CRR for commercial banks, were retained. The upcoming meeting is expected to be closely watched by markets.
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