Naira breaks below 1500/$ as CBN decides on interest rates today

The naira stayed around a key support line in the country’s unofficial market as analysts expect Nigeria’s apex bank to increase interest rates later today.

At the parallel segment of the foreign currency (FX) market on Monday, the naira strengthened significantly, trading at N1,490 per dollar. The naira appreciated by 1.34 percent from the N1,510/$ value seen on Friday. Currency traders in Nigeria’s business capital quoted the buying rate of the haven currency at N1,460 and the selling price at N1,490.

The local currency also increased by 1.93% to N1,469/$ in the official FX market on Monday, from N1,497.3/$ traded on May 17.