The naira experienced a significant decline against the dollar in the foreign exchange market following the Central Bank of Nigeria’s (CBN) fifth interest rate hike, raising the rate to 27.25%.
According to FMDQ data, the naira traded at N1,658.48 per dollar on Tuesday, down from N1,562.66 on Monday, marking a depreciation of N95.82.
Similarly, in the black market, the naira weakened by N10, closing at N1,675 per dollar on Tuesday, compared to N1,665 the previous day.
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This decline occurred despite an increase in foreign exchange turnover, which rose to $166.36 million on Tuesday from $100.21 million on Monday.
The naira’s drop in both official and parallel markets follows the CBN’s Monetary Policy Committee’s decision to implement its fifth interest rate hike on Tuesday.
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