The naira strengthened on Tuesday, gaining 3.4 per cent at the inter-bank market a day after an aggressive interest rate hike by the Central Bank of Nigeria.
Naira increased slightly, yesterday, after the aggressive Central Bank of Nigeria’s, CBN, hike in interest rate.
The naira opened at N158.60 against the dollar on the interbank market, up 3.4 per cent from Monday’s close of N164.20 and five per cent firmer than the record low of 167.8 plumbed shortly before Monday’s unscheduled Central Bank meeting.
Naira, which gained three per cent after the CBN tightening measures, was the world’s best performing currency on the day, and the unit stood at N158.95.
The naira opened at N158.60 against the dollar at the inter-bank market, representing an increase of 3.4 per cent from Monday’s close of N164.30.
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