The Naira dipped against the Dollar at the foreign exchange market after the Central Bank of Nigeria (CBN) increased its interest rate.
According to a Bureau De Change operator in Abuja identified as Dayyabu Ashiru, the Naira exchanged for N1,590 per Dollar on Tuesday from N1,570 on Monday, representing a N20 loss.
“We buy at N1,580 per dollar and sell at N1,590,” he said.
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FMDQ data revealed that the Naira depreciated at the foreign exchange market. The Nigerian currency dropped to N1,548.76 per Dollar on Tuesday from N1,500.32 exchanged on Monday. The drop signifies a N48.44 loss compared to the previous day.
The dip comes despite the apex bank selling $106.5 million in foreign currency to authorised dealers last Wednesday and Thursday.
The CBN increased its interest rate to 26.75% on Tuesday from 26.25% in May.