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Monday, January 30, 2023

Naira falls as CBN increases interest rate –

The naira edged down 0.08% against the dollar in the official market on Tuesday, the same day the Central Bank of Nigeria (CBN) raised its benchmark interest rate to 17.5% for the fifth time in a row.

The naira depreciated 0.08 percent after Tuesday’s trade, with the dollar quoted at N462.00, compared with Monday’s last close of N461.63 at the Investors and Exporters (I&E) FX window in Nigeria’s official market, data from Fast MDQ indicated.

The segment’s local currency value fell as foreign exchange volume fell by $20.73 million, or 15.6%, to $112.04 million from $132.77 million.

Most currency traders participating in the I&E FX auction on Tuesday kept bids between N440.00 (low) and N463.00 (high) per dollar.

Also read:Dollar demand jumps $35.96m, naira falls

Also, in a parallel market, the Nigerian currency depreciated by N2 against the US dollar intraday to settle at N749/$1, in contrast to Monday’s N747/$1.

In the Peer-2-Peer (P2P) segment, the local currency traded at N770/$1 yesterday, down N10 against the US dollar, compared to the previous day’s exchange rate of N760/$1.

Similarly, in the interbank segment, the naira depreciated by N4.50 against the British pound and traded at N567.21/£1 to N562.71/£1, at N7.44 to the British pound EUR It settled at N500.53/€1, compared with Monday’s N493.09/€1.

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