The naira shed N96 against the American dollar at the official window on Tuesday.

The dip in the value of naira coincides with the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) decision to raise the interest rate to 27.25 percent.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency traded N1,658/$1, above the N1,562/$1 it traded at the official window on Monday.

The naira lost N10 against the dollar at the parallel section of the forex market to trade N1,675/$1 as against the previous N1,665/$1.

The currency also shed N10 against the British Pound to trade N2,260/£1 as against the previous N2,250£1.

The Canadian dollar traded flat at N1,280| CA$1.

The naira equally lost N20 against the Euro to trade ₦1,860/€1 as against ₦1,840/€1 recorded the previous day.

By: Babajide Okeowo

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