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Naira gains 6% against dollar at official market
![No plans to convert $30bn domiciliary deposits to naira - CBN calms Nigerians [The Cable]](https://image.api.sportal365.com/process/smp-images-production/pulse.ng/27072024/8746d237-fb46-4ca0-b576-c14b5b59b86f?operations=autocrop(700:467)&format=webp)
No plans to convert $30bn domiciliary deposits to naira - CBN calms Nigerians [The Cable]
The CBN Governor, Yemi Cardoso, cited the move as a measure to address the country’s escalating inflation.
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The naira appreciated against the dollar by 5.97 per cent at the official market by the close of Wednesday’s trading session, according to data from the FMDQ trading platform.
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It appreciated by ₦82.52 to reach ₦1,300 per dollar, compared to ₦1,383 recorded on Tuesday.
Total turnover also rose to $416.10 million from $245.58 million the previous day.
In the Investor’s and Exporters (I&E) window, the naira fluctuated between ₦1,460 and ₦1,200 against the dollar.
This comes after the Central Bank of Nigeria (CBN) announced a 200 basis points increase in the Monetary Policy Rate (MPR) during its 294th Monetary Policy Committee (MPC) meeting on Tuesday, raising it from 22.75 per cent to 24.75 per cent.
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The CBN Governor, Yemi Cardoso, cited the move as a measure to address the country’s escalating inflation.
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