Naira steadies at N1,328 per dollar after CBN rate cut
The naira held steady at N1,328.67 per dollar in the official market after the CBN reset its benchmark interest rate.
In Brief
- •The naira held steady at N1,328.67 per dollar in the official market after the CBN reset its benchmark interest rate.
- •The parallel market rate steadied at N1,385 per dollar, with a narrowed gap of N57 or 4.29 percent.
- •Total turnover at the interbank segment declined by 62.05 percent to $105.95 million on Thursday.
- •Nigeria's external reserves reached an 18-year high of $54.83 billion as of September 23, 2026.
- •The MPC voted to reset the MPR to 23.0 percent and recalibrate the asymmetric corridor.
Why It Matters
The naira's stability following the CBN's rate cut highlights the country's efforts to manage economic conditions amidst global uncertainties. The sustained growth in external reserves and the MPC's decisions reflect Nigeria's strategy to balance inflation control with economic growth. This development is crucial for businesses, investors, and households, as it impacts the cost of imports, savings, and overall economic stability.
Key Details
- Naira rate
- N1,328.67 per dollar
- Parallel market rate
- N1,385 per dollar
- Total turnover
- $105.95 million
- External reserves
- $54.83 billion
- Monetary Policy Rate (MPR)
- 23.0 percent
Context & Background
Nigeria's external reserves have been steadily growing, reaching an 18-year high, which provides a buffer for the naira and helps the CBN meet external obligations. The MPC's decisions are aimed at aligning the policy rate with improving domestic macroeconomic conditions while containing inflation risks.
Original Reporting & Sources
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