Naira-and-Dollars (2) (1).webp
The naira appreciated to N1,597/$1 in the official market ahead of the Central Bank’s key Monetary Policy Committee (MPC) meeting, signaling cautious optimism amid inflationary pressures and a looming recapitalization deadline for BDCs.
  • Naira gained modestly in both official and parallel markets, trading at N1,597/$1 and N1,627/$1, respectively.
  • Analysts expect MPC to retain MPR at 27.5%, though a small hike remains on the table.
  • Less than 5% of BDCs have met new capital thresholds ahead of the CBN’s deadline.

Currency traders and financial analysts remain cautiously hopeful as the naira holds firm amid persistent inflation. However, Bureau De Change operators are anxious, with many fearing collapse unless the Central Bank extends its recapitalization deadline.

Will the MPC stick to its current rates or lean hawkish to tame inflation? And can BDCs survive the capital hike without a deadline extension? The coming days may reshape FX dynamics for the months ahead.