The Nigerian naira has reversed recent losses to become the world’s best-performing currency in recent weeks, lifted by two huge interest rate rises.
The currency, which hit a record low against the dollar of N1,625 on March 11 on the official market, has since rebounded by more than 26 per cent. It was trading at about N1,284 to the dollar on Wednesday.
The two rate rises by the central bank, which is led by former Citigroup executive Olayemi Cardoso, in February and March have been credited for kick-starting the naira’s recovery.
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