Nigeria Evening Wrap: Fed Hike Hits Naira, Gas Flaring Surges, and 25-Year Jail for Heroin Smuggler

The US Federal Reserve raised rates by 25 basis points to 3.75%-4.00%, its first hike since 2023, sending the dollar higher and cooling bullish bets on the Naira. The interbank dollar trades around N1,330/$, but analysts warn higher-for-longer US rates could pull foreign portfolio investment away from Nigeria.

Foreign reserves surge to $54.61 billion

Nigeria's gross forex reserves climbed $12.76 billion year-on-year to $54.61 billion...