Nigerian Naira Hits Fresh Record Low Despite Jumbo Rate Hike
- Monetary policy rate increased by 400 basis points to 22.75%
- Naira weakens in both official and parallel market post move
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Nigeria‘s supersized interest rate hike failed to stem the naira’s decline, with the West African country’s currency slumping to a fresh record against the dollar on the official market and its eurobonds gave up ground.
Nigeria’s currency weakened 2.1% to 1,615.94 per dollar in the so-called NAFEM window on Tuesday, according to data published by FMDQ, which calculates the exchange rate. It is the lowest the currency has traded against the greenback since Bloomberg started compiling the data.