Naira appreciates further to ₦1,382.95/$ at official market

Data from the official trading platform of the FMDQ revealed that the Naira strengthened by ₦25.09 or 1.78%, compared to the previous day’s rate of ₦1,408 against the dollar.

However, the total turnover increased to $245.58 million on Tuesday, up from $222.15 million recorded on Monday. Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between ₦1,486 and ₦1,300 against the dollar.

The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria(CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR), by 200 basis points from 22.75% to 24.75%.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.