The naira experienced a sharp depreciation against the dollar following the Central Bank of Nigeria’s (CBN) fifth consecutive interest rate hike, pushing rates to 27.25%.
According to FMDQ data, the currency fell from N1562.66 per dollar on Monday to N1658.48 on Tuesday, marking a significant N95.82 drop.
Similarly, the black market saw a decline as the naira exchanged at N1675 per dollar on Tuesday, compared to N1665 the previous day, recording a N10 loss.
Despite the foreign exchange turnover rising to $166.36 million on Tuesday from $100.21 million on Monday, the naira’s value continued to drop, reflecting market concerns over the CBN’s monetary tightening.
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