UPDATE: Naira Appreciates Against Dollar at Official Market

UPDATE: Naira Appreciates Against Dollar at Official Market

by Victor Ndubuisi

By the end of Wednesday’s trading session, the Naira had gained 5.97 percent against the US dollar at the official market, based on data from the FMDQ trading platform.

The value of one dollar increased by N82.52 to N1,300, from N1,383 on Tuesday.

Additionally, total turnover increased from $245.58 million to $416.10 million the day before.


The value of the Naira against the dollar varied between N1,460 and N1,200 during the Investors and Exporters (I&E) window.


This comes after the Monetary Policy Rate (MPR) was raised by 200 basis points to 24.75 percent by the Central Bank of Nigeria (CBN) during its 294th Monetary Policy Committee (MPC) meeting on Tuesday.

Mr. Yemi Cardoso, the governor of the CBN, justified the action as a response to the nation’s rising inflation.


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