Naira appreciates, sells for N1,300/$ at official market

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.

It appreciated by N82.52 to reach N1,300 per dollar, compared to N1,383 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 N1,460 and N1,200 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 percent to 24.75 percent.

The CBN Governor, Mr Yemi Cardoso, cited the move as a measure to address the country’s escalating inflation.