Naira Depreciates Massively Against Dollar Following CBN’s Interest Rate Hike
The naira depreciated massively against the dollar in the foreign exchange market amid the Central Bank of Nigeria’s fifth interest rate hike to 27.25 per cent. FMDQ data showed that the naira exchanged at N1658.48 per dollar on Tuesday from N1562.66 traded on Monday. This represents N95.82 depreciation against the dollar. Similarly, at the black…
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