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Naira appreciates against dollar amid CBN interest rate hike - DAILY POST

MAY 21, 2024

The Naira appreciated further against the dollar at the foreign exchange market amid the Central Bank of Nigeria interest rate hike to tackle inflation.

FMDQ data showed that the Naira gained marginally to N1465.68 per dollar on Tuesday from N1468.99 traded on Monday.

This represents a marginal N3.31 gain against the dollar compared to N1468.99 traded the previous day.

Similarly, at the parallel market section, the Naira appreciated to N1460 per dollar on Tuesday from N1465 on Monday.

This is the third consecutive gain for the Naira against the Dollar since Friday last week.

This development comes as CBN raised Nigeria’s interest rate to 26.25 per cent from 24.75 per cent in March 2024 at the just-concluded Monetary Policy Committee meeting.

The apex bank governor, Olayemi Cardoso, said the committee arrived at the stance to tackle Nigeria’s rising inflation, which rose to 33.69 per cent in April.

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