Naira surges with best gains since March amid FX inflows and interest rate hike speculations

In an unprecedented turn of events, the naira recorded its most significant gains in months, gaining nearly N100 against the US dollar on Monday, as the Central Bank of Nigeria (CBN) increased its inflows. This impressive surge was fueled by the CBN’s efforts to support Nigeria’s failing foreign currency market and combat inflation, which has been on a steady rise.

With the Monetary Policy Committee (MPC) meeting underway, experts predict a small rate hike aimed at further stabilizing the naira, despite the black market’s persistent resistance at the 1,600/$ mark.