Forex supply jumps 66% as CBN hikes interest rates

Naira appreciated slightly on the official market, despite a substantial 66% increase in foreign exchange (FX) supply and a new rate hike by the Central Bank of Nigeria (CBN). 

This trend reflects a complex interplay of economic forces as the nation’s currency continues to navigate a volatile financial landscape. 

The Monetary Policy Committee (MPC) of the CBN attributed the recent volatility in the foreign exchange market leading to the recent depreciation of the Naira against the dollar to “seasonal demand” for the greenback.