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BANKING & FINANCE

Naira Hit Record Low Before CBN Interest Rate Meeting

Naira hit a record intraday low on Monday, January 19,  ahead of a Central Bank interest rate meeting, as dollar liquidity dried up on the interbank market, dealers said.

In recent time, the  naira  has been hit hard by falling oil prices, falling to 188.85 to the dollar at 0930 GMT, weaker than 184.90 it closed at on Friday.

The CBN’s Monetary Policy Committee, (MPC) is due to announce the outcome of its two-day interest rate meeting on Tuesday, January 20, with most analysts expecting it to maintain tight liquidity to support the currency and hold interest rates at 13 percent.

At its November meeting, the MPC moved the naira’s official peg to a midpoint of 168 per dollar, from 155, and widened its trading band to 5 percent on either side from a previous 3 percent.

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  1. RT @BizWatchNigeria: Naira Hit Record Low Before CBN Interest Rate Meeting – http://t.co/jP0r90sSzq http://t.co/Vv3FoChngP

  2. Naira Hit Record Low Before CBN Interest Rate Meeting – http://t.co/jP0r90sSzq

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