Naira holds steady against the dollar despite CBN's interest rate hike to 26.25%. At NAFEM, the currency appreciates marginally by 0.23%. Market turnover increases by 66.14% to $268.17 million. CBN Governor Olayemi Cardoso expresses confidence in Nigeria's FX market, citing efforts to clear backlogs and implement financial reforms. Parallel market sees Naira strengthen to N1,478 per dollar."
The Nigerian Naira remained stable against the US dollar at the official foreign exchange market, despite the Central Bank of Nigeria's decision to raise its benchmark interest rate to 26.25 percent.
The currency marginally appreciated by 0.23 percent at the Nigerian Autonomous Foreign Exchange Market (NAFEM). The intraday high closed stronger at N1,549 per dollar, while the low remained flat at N1,401/$1. Market turnover surged by 66.14 percent to $268.17 million. At the parallel market, the Naira strengthened to an average rate of N1,478 per dollar.
CBN Governor Olayemi Cardoso expressed confidence in Nigeria's FX market, attributing foreign investors' trust to efforts in clearing backlogs and implementing financial reforms. He noted the cyclic nature of portfolio investors entering and exiting markets but affirmed positive sentiments towards Nigeria's investment landscape.
