Nigeria In One Minute
Analysts Foresee Stronger Naira after Rate Cut
Following Tuesday’s 50 basis points cut in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC), from 14 per cent to 13.50 per cent, analysts have predicted that the naira will appreciate in the coming days.
Analysts anticipated that the naira would follow the trend that was seen in the Egyptian pound after the country’s central bank slashed interest rate earlier this year.
While the naira closed at N306.95 to a dollar on the official forex window Thursday, it closed at N360.80 to a dollar on the investors’ and exporters’ window.
This Day, Thursday, March 29
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