Naira Appreciates Against USD amid interest rate hike

March 26, 2024

1.1 min readCategories: Money

By Miracle Ogunde

Amid the latest increase in interest rate by the Central Bank of Nigeria, (CBN) the country’s currency, naira continues to record gains against the US dollar.

Starnews NG gathered that the naira continues to appreciate the US dollar on Monday exchanging N1,290 and N1,382.95 per USD at both parallel and official foreign exchange markets.

Confirming the development to newsmen, a Bureau De Change Operator at Wuse Zone 4 Abuja, Mistila Dayyabu, explained that naira was sold at N1,290 per USD on Tuesday.

He said, “The naira gained further on Tuesday. We buy at N1,285 per USD and sell at N1,290 on Tuesday evening.”

The figure represents N70 gain compared to the N1,360 per USD traded on Monday.

Similarly, FMDQ data showed that the Nigerian currency was exchanged at N1,382.95 per USD on Tuesday, compared to N1,408.04 exchanged the previous day.

This presents an N25.09 gain against the USD in the forex market.

The development comes as the apex bank Monetary Policy Committee, MPC’s Meeting raised interest rate by 200 basis points to 24.75 per cent from 22.75 per cent.

On Monday, CBN sold $10,000 to each BDC at N1,251 per US dollar, representing a major FX intervention move.

Goldman Sachs analysts forecast in March 2024 that the naira will appreciate to N1200 per US dollar in 12 months.

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