Naira shows stability, aftermath of CBN’s MPC meeting

The naira traded within a tight range on Thursday following the recently concluded Monetary Policy Committee (MPC) meeting while minutes of the Federal Reserve’s boosted the haven currency credentials amid growing concerns over higher-for-longer interest rates.

The local currency closed flat versus the greenback on Wednesday in the official foreign exchange (FX) market, a day after the CBN raised its benchmark interest rate by 150 basis points to 26.25%.

According to data from the FMDQ Securities Exchange Limited, the dollar was quoted at N1,462.59 on Wednesday, slightly strengthening the value of the naira by 0.21% compared to Tuesday’s quote of N1,465.68 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).