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Naira slumps massively against dollar in response to CBN's interest rate hike

Published by DailyPost on Tue, 24 Sep 2024


The naira crashed massively against the dollar in the foreign exchange market amid the Central Bank of Nigerias fifth interest rate hike to 27.25 per cent. FMDQ data showed that the naira exchanged at N1658.48 per dollar on Tuesday from N1562.66 traded on Monday. This represents N95.82 depreciation against the dollar. Similarly, at the black []Naira slumps massively against dollar in response to CBNs interest rate hike
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