Pecohub The naira depreciated to N1,359/$ on Tuesday following the conclusion of the 304th Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN).
The currency closed weaker compared to N1,353.5/$ recorded on Monday, reflecting mild pressure in the official foreign exchange market after the policy announcement.
The movement comes as investors digest the implications of the apex bank’s latest monetary policy decision.
Foreign exchange market data showed a slight weakening of the naira after the MPC announced a 50 basis points rate cut. The development signals cautious market sentiment despite improving macroeconomic indicators.
The MPC retained the Cash Reserve Ratio at 45.0 per cent for commercial banks and 16.0 per cent for merchant banks, maintained the Liquidity Ratio at 30.0 per cent, and fixed the Standing Facilities Corridor at +50/-450 basis points around the MPR.
Also, at the meeting, the CBN Governor Olayemi Cardoso revealed that Nigeria’s gross external reserves rose to $50.45 billion as of February 16, 2026, marking the highest level in 13 years.
According to Cardoso, the MPC noted the “remarkable performance of Nigeria’s external sector,” which has contributed to greater stability in the foreign exchange market and bolstered investor confidence.
Cardoso maintained that confidence remains central to the foreign exchange framework. “Without market confidence, no matter what you do, you will significantly suboptimise,” he said.
The naira’s reaction to the 304th MPC decision contrasts with movements observed after previous meetings. Post-MPC currency performance has varied depending on prevailing market conditions and investor expectations.
