The Naira on Wednesday, recorded a marginal appreciation against the dollar to N1,609 on Wednesday at the official market.
It is an increase from N1,615.94 recorded yesterday.
The slight improvement came on the heels of series of foreign exchange guidelines issued by the Central Bank of Nigeria in recent weeks.
Meanwhile, the Monetary Policy Committee on Tuesday raised the Monetary Policy Rate, also known as benchmark interest rate, by 400 basis points to 22.75 percent on Tuesday from 18.75 per cent in July 2023.
It also adjusted the asymmetric corridor around the MPR to +100/-700 from +100/-300 basis points, raised the Cash Reserve Ratio from 32.5 per cent to 45.0 per cent, and retained the Liquidity Ratio at 30 per cent.
However, the expected impact of the rate hike has not yet reflected on the official foreign exchange as the naira depreciated by 2.04 percent after the dollar was quoted at N1,615.94 on Tuesday compared to N1,582.94 quoted on Monday at the Nigerian Autonomous Foreign Exchange Market, data from the FMDQ securities exchange indicated.
Government officials have consistently maintained that the naira is currently undervalued.
