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The Naira fell against the United States dollar to 428 on Wednesday, down from 424 on Tuesday, as persistent dollar shortage continues to weigh on the economy.
The major decline in the local currency against the greenback came a day after the Central Bank of Nigeria’s Monetary Policy Committee retained the benchmark lending rate at 14 per cent.
At the interbank official market, the local currency dropped to 310.08 on Wednesday, down from 307.25 on Tuesday, according to data on the FMDQ OTC platform.
Some foreign exchange analysts believe the decline in the value of the naira has nothing to do with the MPC decision to leave the lending rate unchanged.
They said the decline in the value of the naira against the US currency would have been more significant if the MPC had announced a cut in the MPR on Tuesday.
The major decline in the local currency against the greenback came a day after the Central Bank of Nigeria’s Monetary Policy Committee retained the benchmark lending rate at 14 per cent.
At the interbank official market, the local currency dropped to 310.08 on Wednesday, down from 307.25 on Tuesday, according to data on the FMDQ OTC platform.
Some foreign exchange analysts believe the decline in the value of the naira has nothing to do with the MPC decision to leave the lending rate unchanged.
They said the decline in the value of the naira against the US currency would have been more significant if the MPC had announced a cut in the MPR on Tuesday.