Naira up by 6%, closes N1, 300/$ at official market

The Naira appreciated against the dollar by 5.97 percent at the official market on Wednesday.

Data from the FMDQ trading platform revealed that Naira 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.

READ ALSO: Naira appreciates to N1,382/$1, as CBN continues to pump FX into market

In the Investor’s and Exporters (I&E) window, the Naira fluctuated between N1,460 and N1,200 against the dollar.

This followed the Central Bank of Nigeria (CBN) announcement of a 200 basis points increase in the Monetary Policy Rate (MPR) during its 294th Monetary Policy Committee (MPC) meeting on Tuesday.

The apex bank raised the interest rate from 22.75 percent to 24.75 percent at the meeting.

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