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Business Forex

Naira gains strength as CBN tightens monetary policy

The Nigerian Naira saw a notable appreciation against the US dollar, closing at N1,300 per dollar, a 5.97% increase at the official market by Wednesday’s end. This marked improvement from Tuesday’s rate of N1,383 per dollar is a reflection of the Central Bank of Nigeria’s (CBN) recent monetary policy actions.

The trading session witnessed a significant rise in total turnover, reaching $416.10 million, up from $245.58 million the previous day. In the Investor’s and Exporters (I&E) window, the Naira experienced fluctuations, trading between N1,460 and N1,200 against the dollar.

This financial uptick follows the CBN’s decision to increase the Monetary Policy Rate (MPR) by 200 basis points, taking it from 22.75% to 24.75%. “The adjustment in the MPR is a strategic step to curb the nation’s rising inflation,” stated CBN Governor Mr. Yemi Cardoso.

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