The naira experienced a significant decline against the dollar in the foreign exchange market following the Central Bank of Nigeria’s (CBN) fifth interest rate hike, raising the rate to 27.25%. According to FMDQ data, the naira traded at N1,658.48 per dollar on Tuesday, down from N1,562.66 on Monday, marking a depreciation of N95.82. Similarly, in … Read more
EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has urged a Federal High Court in Lagos to dismiss a suit filed by human rights lawyer, Femi Falana, seeking to compel the apex bank to stop the alarming depreciation of the Naira. CBN, in its preliminary objection to the suit, is contending that … Read more
Naira depreciates further against the dollar at N472.50. Governor of Central Bank of Nigeria, Godwin Emefiele, suspended; Deputy Governor (Operations Directorate) appointed as acting governor. $77.42 million traded at Investors and Exporters window. EKO HOT BLOG reports that Naira on Friday depreciated further against the dollar at the Investors and Exporters window, exchanging N472.50 to … Read more