The Naira continued its upward trajectory, appreciating to N1,505/$1 at the parallel market on Thursday, gaining N9 from Wednesday’s exchange rate of N1,514/$1.
This development follows the 299th Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN)—its first in 2025—where the apex bank decided to retain all monetary parameters.
Speaking after the meeting, CBN Governor Olayemi Cardoso announced that the committee unanimously agreed to hold all monetary policy parameters steady:
- Monetary Policy Rate (MPR): Retained at 27.50%
- Asymmetric Corridor: Maintained at +500/-100 basis points
- Cash Reserve Ratio (CRR): Kept at 50.00% for Deposit Money Banks and 16.00% for Merchant Banks
- Liquidity Ratio: Held at 30.00%
The committee expressed satisfaction with recent macroeconomic developments, citing:
- Stabilization in the foreign exchange market leading to Naira appreciation
- Gradual reduction in the price of Premium Motor Spirit (PMS)
However, Cardoso acknowledged the persistent inflationary pressures, particularly those driven by rising food prices.
The MPC also highlighted the benefits of external sector improvements, including the convergence of exchange rates between the Nigeria Foreign Exchange Market (NFEM) and the Bureau de Change (BDC) segment. The CBN was urged to sustain its efforts to enhance market liquidity and further strengthen the Naira.
