Naira Strengthens as CBN Hikes Rates Amid Liquidity Glut

The naira appreciated to N1,360.15/$ on Wednesday, its strongest closing level since mid-June, extending a 1.55% recovery from its July lows of N1,381.50/$. This gain comes as the CBN simultaneously raised the 364-day T-bill stop rate to 17.59%, up 24 basis points from 17.35%, despite overwhelming investor demand that saw N4.4 trillion in bids against a N700 billion offer. The rate hike signals the CBN's commitment to maintaining positive real yields, which...