The Nigerian Naira weakened significantly against the U.S. dollar following the Central Bank of Nigeria’s (CBN) decision to hike interest rates for the fifth time this year. The naira dropped to NGN1,658 per dollar on the official foreign exchange market after the CBN increased the benchmark lending rate by 50 basis points. On the parallel market, the naira hit a low of NGN1,675 per dollar, despite the central bank’s rate increase. This depreciation occurred even as the 24-hour foreign exchange turnover surged more than 60% from $100.21 million to $166.36 million.