Following the Central Bank of Nigeria (CBN) decision to hike interest rates to 14% the Nigerian naira has drastically dropped to a new record low at the official market.

The naira plummeted to an all-time low of 334.50 to the dollar, from about 313/$1 earlier in the day, The Cable reports.

Investors expect that the local currency will fall as low as 350, before it commences to appreciate against other foreign currencies.

The Nigerian currency has earlier fallen at the parallel market as it dropped 2 points to trade at N377/$1 on July 27.

Against expectations of financial experts that the Monetary Policy Rate would stay unchanged at 12%, the Monetary Policy Committee of the Central Bank of Nigeria on Tuesday hiked the MPR by 200 basis points to 14%.

[img]http://i.onthe.io/vllkyt4tcu2bpdmei.dde07940.jpg[/img]

Source: https://www.naij.com/906308-breaking-naira-drops-drastically-official-market.html?source=breaking

hmmmm