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Home Business & Finance

Naira Plunges N95.83 After Central Bank Raises Interest Rate

Nnaemeka OkwarabyNnaemeka Okwara
September 25, 2024
in Business & Finance
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Naira Plunges N95.83 After Central Bank Raises Interest Rate
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Nigeria’s currency, the naira, dramatically declined yesterday by N95.83 on its official foreign exchange market, as the Central Bank of Nigeria (CBN) continued with its rate hikes, its fifth of the year.

Based on data from FMDQ Securities Exchange Limited, the naira depreciated against the dollar by 5.8 percent to an exchange rate of N1,658.48, from N1,562.66 on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The CBN increased the Monetary Policy Rate (MPR) by 50 basis points this month, after the MPC meeting held on Wednesday, to 27.25%. This was aimed at controlling inflation and stabilizing the naira.

As for the volatility of the naira, CBN Governor Olayemi Cardoso explained the cause to be, inter alia, the degree of Federal Account Allocation Committee (FAAC) disbursement and the banking system liquidity level.

In the black market, the naira also weakened against the dollar, selling at N1,675, losing N12 from a previous N1,663. However, analysts observe that despite the CBN’s intervention to fortify the naira, there are more overriding factors that affect the currency in the current economy.

Tags: central bankfederal characterFinanceInterest rateNairaNaira Plunges N95.83 After Central Bank Raises Interest RateNews
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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