The naira experienced a significant decline against the dollar in the foreign exchange market following the Central Bank of Nigeria's fifth interest rate increase to 27.25 percent.

According to FMDQ data, the naira was valued at N1658.48 per dollar on Tuesday, a drop from N1562.66 on Monday, marking a depreciation of N95.82 against the dollar.

In the black market, the naira also fell by N10, closing at N1675 per dollar on Tuesday, compared to N1665 the day before.

This decline occurred despite an increase in foreign exchange turnover, which rose to $166.36 million on Tuesday from $100.21 million on Monday.

The depreciation of the naira in both markets follows the recent decision by the CBN Monetary Policy Committee to raise interest rates.