• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

Naira shows stability, aftermath of CBN’s MPC meeting

Olumide Adesina by Olumide Adesina
May 23, 2024
in Currencies, Markets, Spotlight
Naira, CBN, MPC
Share on FacebookShare on TwitterShare on Linkedin

The naira traded within a tight range on Thursday following the recently concluded Monetary Policy Committee (MPC) meeting while minutes of the Federal Reserve’s boosted the haven currency credentials amid growing concerns over higher-for-longer interest rates.

The local currency closed flat versus the greenback on Wednesday in the official foreign exchange (FX) market, a day after the CBN raised its benchmark interest rate by 150 basis points to 26.25%.

According to data from the FMDQ Securities Exchange Limited, the dollar was quoted at N1,462.59 on Wednesday, slightly strengthening the value of the naira by 0.21% compared to Tuesday’s quote of N1,465.68 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

RelatedStories

CBN, forex

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025
CBN, forex

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025

However, the naira weakened slightly against the dollar on Wednesday, losing about 1% on the black market. The naira was quoted at N1,475 per dollar on Wednesday evening.

Following a two-day meeting of the Monetary Policy Committee (MPC) on Tuesday, Nigeria’s apex bank maintained the asymmetric corridor around the monetary policy rate (MPR) at +100/-300, the commercial banks’ cash reserve ratio (CRR) at 45.00%, and the liquidity ratio at 30.00%.

Consequently, the CBN directed all Bureaux De Change Operators to reapply for licenses, primarily to strengthen the integrity of the nation’s foreign exchange market,

The apex bank revealed this on Wednesday in a statement approved by Haruna Mustapha, Director of Financial Policy and Regulations.

In a recent directive to BDC operators, the CBN stated, “All Existing BDCs shall re-apply for a new license according to any tiers or license category of their choice as provided in the guidelines.”

Data from the FMDQ revealed that the intraday high closed at N1,531 per dollar on Wednesday, stronger than the N1,549/$1 finish on Tuesday, indicating that market fundamentals still reflect substantial intraday volatility.

The greenback remains elevated as Fed minutes heighten concerns about interest rates

The dollar index and dollar index futures both steadied in the London trading session following significant overnight advances. The dollar increased and reached a one-week high in trade,

The Fed meeting minutes in late April revealed that some Fed officials were prepared to hike interest rates further to reduce inflation, and policymakers were becoming increasingly concerned about sticky inflation.

A series of separate speeches from Fed officials suggesting sticky inflation would probably postpone any possible rate decreases came before the minutes.

Even if it is still thought that the Fed won’t raise interest rates much more, markets are now pricing in a higher likelihood that the central bank will maintain high rates for an extended time, which is bad news for risk-averse Asian markets.


Follow us for Breaking News and Market Intelligence.
Tags: CBNMPC meetingNairaNigerian Autonomous Foreign Exchange Market
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

Related Posts

CBN, forex
Economy

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025
CBN, forex
Financial Services

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025
Naira , dollar, exchange rate
Currencies

Naira set to break below N1,500/$ resistance 

July 5, 2025
CBN, forex
Breaking News

Court upholds CBN-backed NIBSS Authority to manage BVN Database nationwide 

July 4, 2025
Currencies

IMF commendation sparks strong gains for Naira across parallel, official markets 

July 3, 2025
British pound, Naira
Currencies

Naira stuck at N2,200/£ as British pound faces correction  

July 3, 2025
Next Post
Dr. Muda Yusuf, CPPE

MPR hike: Nigerian businesses need single-digit interest rate to grow economy - CPPE 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document
  • Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC
  • Oyo State approves N7.7 billion for two surveillance aircraft to combat insecurity 

Follow us on social media:

Recent News

IGP prosecutes Nigerian businessmen over alleged N13.5 billion forex fraud dispute  

IGP sues Abu Arome, 3 Ghanaians over alleged forgery of company shares allocation document

July 9, 2025
Nigeria’s gas flare commercialisation programme could unlock $2.5 billion investment – NUPRC 

Nigeria’s oil rig count rises to 46 in July 2025 – NUPRC

July 9, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics