Naira gains 6% against dollar at official market
The CBN Governor, Yemi Cardoso, cited the move as a measure to address the country’s escalating inflation.
Naira gains 6% against dollar at official market [The Cable]
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It appreciated by ₦82.52 to reach ₦1,300 per dollar, compared to ₦1,383 recorded on Tuesday.
Total turnover also rose to $416.10 million from $245.58 million the previous day.
In the Investor’s and Exporters (I&E) window, the naira fluctuated between ₦1,460 and ₦1,200 against the dollar.
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This comes after the Central Bank of Nigeria (CBN) announced a 200 basis points increase in the Monetary Policy Rate (MPR) during its 294th Monetary Policy Committee (MPC) meeting on Tuesday, raising it from 22.75 per cent to 24.75 per cent.
The CBN Governor, Yemi Cardoso, cited the move as a measure to address the country’s escalating inflation.
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