Naira Weakens Further as CBN Holds Firm on Interest Rates

The Nigerian naira continued to depreciate against the dollar at the official foreign exchange market on Tuesday as the Central Bank of Nigeria retained the interest rate at 27.50 percent.

 

CBN’s exchange rate data showed that it dropped further to N1,535.24 per dollar on Tuesday from N1,532.54 exchanged the previous day.

 

This means that the naira weakened by N2.70 on a day-to-day basis.

 

Meanwhile, at the black market, the naira remained flat at N1,540 per dollar on Tuesday, the same exchange rate recorded on Monday.

 

This is the second time the naira has depreciated against the dollar this week.

 

Tuesday’s drop in Nigeria’s currency comes at a time when the CBN Monetary Policy Committee holds its interest rate at 27.50 percent.

 

The apex bank governor, Olayemi Cardoso, at the end of the 301st MPC meeting, said Nigerians now have greater confidence in the naira.

 

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