Naira May Weaken as CBN Lowers Benchmark Rate to Interest Rate, Rewane Says

Naira May Weaken As CBN cuts Interest Rate, Rewane Says.

Rewane projects limited naira pressure Rewane said the lower interest rate could weaken the attractiveness of naira-denominated assets and consequently put pressure on the currency.

Rewane made the assessment on Wednesday during Channels Television’s Business Morning programme, while discussing the potential implications of the CBN’s latest monetary policy decision.

Rewane said reduced returns could encourage some investors to move funds into alternative assets, including foreign currency and cryptocurrencies.