Naira Suffers Again, Crashes To ₦734 To Dollar
October 1, 2022
5:40 am
Nigeria’s currency – the Naira, hit an all-time low of ₦734 to the dollar at the parallel market as the market reacted negatively to the Central Bank of Nigeria (CBN)’s decision to raise the Monetary Policy Rate (MPR) and Cash Reserve Requirement (CRR) to 15.5 percent and 32.5 percent respectively.
This was even as the nation’s stock market experienced low sentiment as sell-offs in the shares of GTCO, Nestle and UBA resulted in a loss of ₦112 billion from market capitalization of the Nigerian Exchange Limited (NGX).
The Naira had exchanged for N733 to a dollar at the parallel market …
