The Nigerian naira has strengthened against the USD following the central bank’s decision to increase interest rates, reaching its highest level since January’s devaluation. The currency appreciated by 8% on the official market, attributed to investor confidence in the central bank’s aggressive tightening measures and initiatives to enhance local USD liquidity. With a 200 bps rate hike raising the benchmark to 24.75%, the cumulative tightening has reached 600 bps in a short period, contributing to the currency’s stabilization.