Naira Slides Past N1,450/$1 all Week, Setting Stage for High-Stakes MPC Meeting
The Naira endured one of its toughest trading weeks in recent times, closing consistently above the N1,450/$1 threshold, a rally not seen since October.
This raises expectations that next week’s Monetary Policy Committee (MPC) meeting will be dominated by concerns over exchange-rate stability.
According to official data from the Central Bank of Nigeria (CBN), the Naira ended the week at N1458/$1 on Friday, after trading at N1459.95/$1 on Thursday, N1451/$1 on Wednesday, N1458/$1 on Tuesday, and N1447/$1 on Monday.
The CBN figures confirm that the currency remained above N1,450/$1 for most of the week, demonstrating persistent demand pressures and reduced FX liquidity.
Checks by Nairametrics further show that this marks the worst weekly close in six weeks, since Friday, October 17, when the currency settled at N1471/$1
Week-on-week performance
Week-on-week, the Naira weakened from the previous Friday’s close of N1,444/$1, sliding to N1,458/$1 this week.
The CBN’s daily trading data also reveal an uneven but broadly declining trajectory. The currency opened at N1,437.50/$1 on Monday and slipped to N1,440.89/$1 on Tuesday. A sharper drop followed midweek at N1,444.85/$1 on Wednesday before a modest recovery to N1,441/$1 on Thursday, only to weaken again to N1,444/$1 on Friday.
These fluctuations point to a fragile market environment that policymakers will need to confront when the MPC convenes.
Foreign reserves hit $46.7 billion, highest in 6 years
Despite the Naira’s struggles, Nigeria’s external buffers have strengthened. Foreign reserves have surged to $46.7 billion, the highest level recorded since 2018. The CBN Governor, Olayemi Cardoso, disclosed the new figures at the 20th Anniversary of the Monetary Policy Department in Abuja.
Cardoso attributed the improvement to renewed investor confidence, enhanced oil revenue inflows, and a more robust balance-of-payments position. He noted that the current reserve level, captured as of November 14, 2025, provides 10.3 months of import cover, calling it “a major milestone” in the Bank’s ongoing reform programme.
This reserve build-up offers some cushion ahead of the MPC meeting, though analysts argue that liquidity on the retail FX market remains insufficient to stabilise the Naira in the short term.
CBN announces 303rd MPC meeting for 24-25 November
With currency pressures mounting, all eyes turn to the 303rd MPC meeting scheduled for Monday, November 24, to Tuesday, November 25, 2025, in Abuja.
At the previous meeting, the Committee implemented a slight easing stance, cutting the Monetary Policy Rate (MPR) by 50 basis points from 27.5% to 27%.
It also adjusted the asymmetric corridor around the MPR to +250/-250 basis points, from +500/-100 basis points.
Other parameters were retained, including:
- Cash Reserve Ratio (CRR) for commercial banks at 45%,
- CRR for merchant banks at 16%,
- Liquidity Ratio at 30%.
The upcoming meeting is expected to be particularly significant as the MPC balances a complex landscape, rising reserves on one hand, and persistent Naira pressures on the other.
Economists anticipate intense debate on whether the Bank should tighten, hold, or further ease, especially as FX stability has become a central concern for businesses, investors, and households.
