The naira weakened barely within the official overseas trade market on Monday, closing at N1,353.5/$ forward of the 304th Financial Coverage Committee assembly of the Central Bank of Nigeria scheduled to conclude in Abuja on Tuesday.
Knowledge revealed on the apex {bank}’s web site confirmed the foreign money depreciated from N1,348/$ recorded final Friday.
The event comes as traders place themselves for the coverage path anticipated from the two-day assembly.
Intraday buying and selling knowledge confirmed the naira traded at a excessive of N1,354.5/$ and a low of N1,343/$ earlier than settling at a easy common price of N1,349.24/$.
Official market knowledge point out delicate strain on the naira within the Nigerian Overseas Trade Market, whereas the parallel market recorded marginal features. Exterior reserves additionally prolonged their upward development.
The combined efficiency throughout market segments displays cautious buying and selling as market contributors await the end result of the MPC deliberations.
Forward of the 303rd MPC assembly held in November 2025, the naira recorded features throughout segments of the overseas trade market. On the time, improved liquidity circumstances supported a stronger efficiency.
On the November assembly, the committee retained the Financial Coverage Price at 27.00%, the Money Reserve Ratio at 45.00% for Deposit Cash Banks and 16.00% for Service provider Banks, maintained the 75% CRR on non-TSA public sector deposits, and held the Liquidity Ratio at 30.0%.
Lately, BMI, a unit of Fitch Options, said that the latest features recorded by the Nigerian naira could also be momentary, projecting that the foreign money might weaken modestly earlier than the top of 2026.
The 304th MPC assembly is scheduled for February 23 and 24, 2026, with traders intently monitoring the coverage end result.
Analysts stay divided on whether or not the Central {Bank} will keep its present stance or provoke cautious easing.
