The naira weakened slightly in the official foreign exchange market on Monday, closing at N1,353.5/$ ahead of the 304th Monetary Policy Committee meeting of the Central Bank of Nigeria scheduled to conclude in Abuja on Tuesday.

Data published on the apex bank’s website showed the currency depreciated from N1,348/$ recorded last Friday.

The development comes as investors position themselves for the policy direction expected from the two-day meeting.

Intraday trading data showed the naira traded at a high of N1,354.5/$ and a low of N1,343/$ before settling at a simple average rate of N1,349.24/$.

What the data is saying 

Official market data indicate mild pressure on the naira in the Nigerian Foreign Exchange Market, while the parallel market recorded marginal gains. External reserves also extended their upward trend.

• The naira closed at N1,353.5/$ on Monday, compared to N1,348/$ last Friday.
• Intraday trading ranged between N1,354.5/$ and N1,343/$, with a simple average of N1,349.24/$.
• In the parallel market, the currency strengthened to N1,358/$ from N1,361.5/$ quoted on Friday.
• Nigeria’s external reserves rose to $48.77 billion, according to Central Bank data.

The mixed performance across market segments reflects cautious trading as market participants await the outcome of the MPC deliberations.

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