Naira Drops Dramatically After CBN Interest Rate Hike!

The naira fell against the dollar after the Central Bank of Nigeria (CBN) raised interest rates.

In Abuja's Wuse Zone 4, Dayyabu Ashiru, a Bureau De Change operator, shared that the naira traded at N1,590 per dollar, a drop from N1,570 the previous day.

“We buy at N1,580 per dollar and sell at N1,590,” Ashiru said.

This N20 loss also reflected at the official foreign exchange market, where the naira dropped from N1,500.32 to N1,548.76 per dollar, a loss of N48.44.

Despite CBN selling $106.5 million in foreign currency recently, the naira's value decreased following the interest rate hike to 26.75% from 26.25%.

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