On September 29, the Nigerian currency lost further ground against the greenback after the parallel market exchange rate of the naira fell to 735 units per dollar. The naira's latest plunge comes just days after the Central Bank of Nigeria (CBN) announced a 150 basis point (bps) upward adjustment in the monetary policy rate (MPR).
As reported by Bitcoin.com News, just before the CBN's interest rate hike, one US dollar bought 720 naira in the foreign exchange parallel market. Nigeria's central bank has suggested in the past that the decline in the naira could be linked to the activities of currency speculators.