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Naira gains against US Dollar amid rising inflation

On Wednesday, the Nigerian currency, the naira, showed resilience against the US Dollar, despite the country experiencing a significant inflation rate.

According to FMDQ data, the naira strengthened against the Dollar, reaching N818/$1 on Wednesday, compared to the previous day’s exchange rate of N850.22/$1. This indicates a gain of N31.23 in comparison to the prior day’s rate.

In parallel markets, the country’s currency exhibited relative stability, maintaining a trading rate of N1120 against the Dollar on Wednesday, consistent with the rate quoted on the preceding day. However, it has been reported on Thursday morning that the rate has marginally increased to N1140 against the US dollar in the parallel market.

This development occurs amid the National Bureau of Statistics’ recent release of the Consumer Price Index data for October, revealing an inflation rate of 27.33 per cent, up from 26.72 per cent in September. This marks the highest inflation rate in Nigeria in two decades.

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