The Naira struggled all week, consistently trading above ₦1,450/$1, a level unseen since last October.
Consequently, this persistent weakness has heightened expectations for next week’s MPC meeting in Abuja.
CBN data showed that the Naira closed Friday at ₦1,458/$1, after Thursday’s ₦1,459.95/$1 and Wednesday’s ₦1,451/$1.
Naira Struggles Above ₦1,450
For most of the week, the currency remained above ₦1,450/$1, reflecting strong demand for dollars.
Moreover, Nairametrics highlighted that this week’s close represented the worst in six weeks, recalling October 17’s ₦1,471/$1 rate.
Daily trading fluctuated sharply, signalling that policymakers must confront a fragile market decisively.
On Monday, the Naira opened at ₦1,437.50/$1, fell to ₦1,440.89/$1 on Tuesday, and dropped further midweek to ₦1,444.85/$1.
Then, on Thursday, it recovered modestly to ₦1,441/$1, before weakening again to ₦1,444/$1 on Friday.
Reserves Offer Some Cushion
Despite Naira pressure, foreign reserves reached $46.7 billion, the highest level since 2018, the CBN reported.
Read Also: Naira Drops To ₦1,450/$ As CBN FX Reserves Soar
Governor Olayemi Cardoso attributed the gains to rising oil revenues, renewed investor confidence, and a stronger balance-of-payments.
As a result, the reserves now provide 10.3 months of import cover, marking a major milestone in ongoing reforms.
However, retail FX liquidity remains tight, leaving the Naira vulnerable to short-term volatility.
MPC Meeting In Focus
Looking ahead, the 303rd MPC meeting will run from Monday, November 24, to Tuesday, November 25, 2025.
Previously, the Committee cut the MPR by 50 basis points to 27%, signalling slight policy easing.
Additionally, the Committee retained other measures, including the CRR for commercial banks at 45% and liquidity ratios.
Economists expect intense debates on tightening, holding, or further easing, as FX stability dominates concerns.
Consequently, the MPC’s decision could strongly influence businesses, investors, and households in the coming weeks.
Ultimately, observers will watch closely for signals regarding the Naira’s future direction.
