Naira gains against US Dollar amid rising inflation

Naira gains against US Dollar amid rising inflation

The Nigerian currency, the naira, gained against the US Dollar on Wednesday despite the country’s soaring inflation rate.

According to data from FMDQ, the naira firmed against the Dollar to N818/$1 on Wednesday compared to N850.22/$1 exchanged on Tuesday.

The figure represents a N31.23 gain compared to the exchange rate on the previous day.

Meanwhile, at a parallel market, the country’s currency maintained relative stability as it traded at N1120 against the Dollar on Wednesday, the same rate quoted the previous day.

However, BeatzNet learnt on Thursday morning that the rate is up marginally to N1140 against the US dollar at the parallel market.

The development comes as the National Bureau of Statistics’ latest Consumer Price Index data puts the October inflation rate at 27.33 per cent from 26.72 per cent in September.

The latest inflation rate in Nigeria represents the highest in two decades.


Important Notice:
Beatnetz respects copyright laws like the Digital Millennium Copyright Act (DMCA). We'll remove it if you have a valid request to remove content. We often share promotional songs to help new artists and labels gain exposure. This can boost their sales and streams, benefiting the copyright holders. We don't make money from these promos. If you think your rights are being violated, contact us at [email protected].


About King Osas
I'm Osas, that kind-hearted guy in a cruel world.

Be the first to comment

Leave a Reply

Please kindly drop your comment below👇.