Naira slips slightly to N1,576 per euro as CBN absorbs support at N1,550
The naira slipped slightly against the euro this week, trading at N1,576/€1 compared with N1,569/€1 the previous week, according to the CBN's latest data. The pair had peaked near N1,774/€1 in January 2026 before falling to a multi-month low around N1,555/€1; the key support at N1,550/€1 was absorbed by the CBN and dollar-euro liquidity providers, leaving the next resistance at N1,500/€1. Monetary policy stays tight, with the MPR held between 26.50% and 27.50% and treasury bill yields at about 16%, while Nigeria's foreign reserves exceed $51 billion as of mid-2026, providing liquidity to clear FX backlogs. Headline inflation remains high at 15-16%, far above the eurozone's ~2%, which continues to exert long-term downward pressure on the naira. Meanwhile the euro is flat versus the dollar at roughly $1.14, and eurozone data show mixed signals—sentiment improved from -13.4 to -3.1, retail sales rose 0.2% and producer prices climbed to 5.9% YoY. Oil prices hold near $71.50 per barrel. Consider reviewing your foreign-currency exposure, monitoring CBN announcements, and weighing the timing of any euro-denominated payments or investments given the current support-resistance zone and persistent inflation outlook.