Naira appreciates against dollar despite CBN interest rate hike

Despite the announcement of an interest rate hike by the Central Bank of Nigeria (CBN) on Tuesday, the naira appreciated to N1, 659.44 against the US dollar.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed a N16.88 gain against the dollar from the N1, 675.62 it traded at on Monday.

A look at the parallel section of the foreign exchange market showed a gain of N5 for the naira against the dollar, trading at N1,750 compared to the N1,755 it traded at on Monday.

The naira, however, didn’t record any change in trade against the British pound on Tuesday as it still exchanged at Monday’s rate of N2,245 against the pound.

Also, the naira maintained N1,300 against the Canadian dollar but appreciated marginally against the Euro to trade at N1,840/€1 as against the previous day’s rate of N1,845/€1.