Markets

The Nigerian Naira has tumbled to ₦1,425 in the official market, wiping out weeks of gains just as the Central Bank of Nigeria (CBN) implemented a 50 basis-point interest rate cut despite hitting a 13-year high in foreign reserves.

The Nigerian naira has experienced its second consecutive week of sharp decline, falling to N1,393.26 in the official market and N1,415 in the parallel market following a deliberate dollar “mop-up” intervention by the Central Bank of Nigeria.

The Naira suffered its highest single-day depreciation of the year on Monday, weakening to N1,378.03 per dollar at the official market amid continued foreign exchange pressures.