Following the latest interest rate hike by the Central Bank of Nigeria, the naira plunged against the dollar on the foreign exchange markets.

The naira traded for N1,590 for one dollar on Tuesday against N1,570 the day before, according to Dayyabu Ashiru, a currency exchange operator in zone 4 of Wuse, in Abuja. According to him, the naira is bought at 1,580 N per dollar and sold at 1,590 N. This represents a loss of N20 according to him. The naira also depreciated on the official foreign exchange market. This depreciation comes despite the sale by CBN style="font-family: "Bookman Old Style”, "serif" >of 106.5 million dollars in foreign currencies last Wednesday and Thursday to authorized resellers. acute;.