{"id":131979,"date":"2024-09-25T11:45:17","date_gmt":"2024-09-25T10:45:17","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/naira-slumps-massively-against-dollar-in-response-to-cbns-interest-rate-hike"},"modified":"2024-09-25T12:49:13","modified_gmt":"2024-09-25T11:49:13","slug":"naira-slumps-massively-against-dollar-in-response-to-cbns-interest-rate-hike","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-slumps-massively-against-dollar-in-response-to-cbns-interest-rate-hike","title":{"rendered":"Naira slumps massively against dollar in response to CBN\u2019s interest rate hike"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The naira crashed massively against the dollar in the foreign exchange market amid the Central Bank of Nigeria\u2019s fifth interest rate hike to 27.25 per cent.<\/p>\n

FMDQ data showed that the naira exchanged at N1658.48 per dollar on Tuesday from N1562.66 traded on Monday.<\/p>\n

This represents N95.82 depreciation against the dollar.<\/p>\n

Similarly, at the black market, the naira dropped by N10 to close at N1675 per dollar on Tuesday compared to the N1665 exchange rate the previous day.<\/p>\n

This comes despite the increase in the foreign exchange turnover to $166.36 million on Tuesday from $100.21 million traded on Monday.<\/p>\n

The drop in the value of the naira at both foreign exchange markets comes on the heels of the CBN Monetary Policy Committee\u2019s fifth interest rate hike on Tuesday.<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The naira crashed massively against the dollar in the foreign exchange market amid the Central Bank of Nigeria\u2019s fifth interest rate hike to 27.25 per cent. FMDQ data showed that the naira exchanged at N1658.48 per dollar on Tuesday from N1562.66 traded on Monday. This represents N95.82 depreciation against the dollar. Similarly, […]<\/p>\n","protected":false},"author":84,"featured_media":131978,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503,1621,1623,254],"class_list":["post-131979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn","tag-dollar","tag-naira","tag-nigeria"],"yoast_head":"\nNaira slumps massively against dollar in response to CBN\u2019s interest rate hike - Nigeria<\/title>\n<meta name=\"description\" content=\"The naira crashed massively against the dollar in the foreign exchange market amid the Central Bank of Nigeria\u2019s fifth i ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-slumps-massively-against-dollar-in-response-to-cbns-interest-rate-hike\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naira slumps massively against dollar in response to CBN\u2019s interest rate hike\" \/>\n<meta property=\"og:description\" content=\"The naira crashed massively against the dollar in the foreign exchange market amid the Central Bank of Nigeria\u2019s fifth i ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-slumps-massively-against-dollar-in-response-to-cbns-interest-rate-hike\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-25T10:45:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-25T11:49:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/09\/sm_1727252332.461599.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-slumps-massively-against-dollar-in-response-to-cbns-interest-rate-hike#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-slumps-massively-against-dollar-in-response-to-cbns-interest-rate-hike\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Naira slumps massively against dollar in response to CBN\u2019s interest rate hike\",\"datePublished\":\"2024-09-25T10:45:17+00:00\",\"dateModified\":\"2024-09-25T11:49:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-slumps-massively-against-dollar-in-response-to-cbns-interest-rate-hike\"},\"wordCount\":152,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-slumps-massively-against-dollar-in-response-to-cbns-interest-rate-hike#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/09\/sm_1727252332.461599.jpg\",\"keywords\":[\"CBN\",\"Dollar\",\"naira\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-slumps-massively-against-dollar-in-response-to-cbns-interest-rate-hike#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-slumps-massively-against-dollar-in-response-to-cbns-interest-rate-hike\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-slumps-massively-against-dollar-in-response-to-cbns-interest-rate-hike\",\"name\":\"Naira slumps massively against dollar in response to CBN\u2019s interest rate hike - 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