Naira Strengthens Against Dollar Following CBN Interest Rate Hike
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| Naira Strengthens Against Dollar Following CBN Interest Rate Hike |
According to FMDQ data, the Naira marginally improved to N1465.68 per dollar on Tuesday, compared to the N1468.99 rate from the previous day.
The Naira continued to appreciate against the dollar in the foreign exchange market, driven by the Central Bank of Nigeria's recent interest rate hike aimed at combating inflation.
According to FMDQ data, the Naira marginally improved to N1465.68 per dollar on Tuesday, compared to the N1468.99 rate from the previous day.
Similarly, in the parallel market, the Naira strengthened to N1460 per dollar on Tuesday, up from N1465 on Monday.
This marks the third consecutive gain for the Naira against the Dollar since last Friday.
The interest rate hike by the CBN, which raised Nigeria's rate to 26.25 per cent in March 2024, was a response to the country's surging inflation, which reached 33.69 per cent in April. The CBN's governor, Olayemi Cardoso, emphasized the importance of this measure during the just-concluded Monetary Policy Committee meeting.
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