The Central Bank of Nigeria (CBN) today (November 25) hiked its benchmark interest rate by 100 basis points to 13%, in a bid to halt the ongoing depreciation of its currency.
It also lowered its target value for the currency. The central bank operates with a band of acceptable values, and today shifted the midpoint of that band from 155 naira against the dollar to 168.
The naira reached 177.3 against the dollar following the announcements. It closed at 174 on November 24, a record high, after lo