Naira Depreciates to N1,368.5/$ After MPC Rate Cut
The naira weakened steadily to N1,368.5/$ this week, closing at N1,359.5/$ on Tuesday after the 304th MPC meeting cut rates by 50 basis points to 26.5%. The currency fell from N1,353.5/$ Monday to N1,368.5/$ Friday, reflecting persistent exchange rate pressure despite Nigeria's external reserves rising to $50.45 billion (highest in 13 years). Commercial banks' cash reserve ratio remains at 45%, liquidity ratio at 30%. This depreciation impacts import costs and inflation, affecting everyday expenses. Will you adjust spending or seek local alternatives?
SOURCE: https://nairametrics.com/2026/03/01/naira-weakens-throughout-week-following-cbns-304th-mpc-meeting/