The Nigerian naira recorded a slight appreciation at the official foreign exchange market on Monday, edging up to N1,380.10 per dollar, as traders await the Central Bank of Nigeria’s Monetary Policy Committee interest rate decision.
Data from the CBN showed the naira gained marginally from N1,380.18 per dollar recorded last Friday, representing a modest improvement ahead of the MPC meeting.
The slight appreciation comes amid expectations that the committee may adjust the benchmark interest rate to tackle inflation and support the currency. Market participants are closely watching for policy signals that could impact borrowing costs and economic growth.
Analysts note that the marginal gain reflects cautious optimism, but the naira remains under pressure from persistent demand for dollars and inflationary concerns. The MPC decision is expected later this week.
Article source: dailypost.ng | Image credit: Daily Post Nigeria
