CBN MPR Cut to 23% as NFEM Turnover Falls 17.7% to $2.25 Billion

Nigeria's foreign exchange market turnover has fallen 17.7 percent to $2.25 billion in a second consecutive weekly decline, coinciding with the CBN's Monetary Policy Rate settling at 23 percent following its 350-basis-point cut. The combined drop in FX volumes and benchmark rate is material for fintech cost-of-capital calculations and forex-dependent startups.