On February 24th, the central bank of Nigeria’s monetary policy committee cut its benchmark monetary policy rate by 50 basis points or 0.5% citing :
- Decelerating headline inflation which dropped from 27.6% in January 2025 to 15.1%, with food prices pulling the print down
- Lower gasoline prices
- Growing gross foreign reserves, which rose to USD 50 billion, the highest mark in the past 13 years, driven by higher remittance inflows and crude and manufacturing exports
The naira slid to ₦1,359 from ₦1,353.5 per USD on the MPR cut news before bouncing back to 1,355.57 on Tuesday. The Naira also closed lower against the euro to close at ₦1,596.36 (or ₦ 2.43/1.00 XAF) versus ₦ 1,591.42/€.
Marwan Tshamak
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