Naira Appreciates Against Dollar Despite Rise In Nigeria’s Inflation

The Naira appreciated against the dollar at the official market to kick off the week on a good note despite the rise in Nigeria’s November inflation rate.

This is the case as FMDQ data showed that the Naira strengthened to N1545.10 per dollar on Monday from N1549.50.

This showed that the Naira gained N4.6 against the dollar compared to N1,549.50 exchanged on Friday last week. The Central Bank of Nigeria’s data indicated that the exchange rate closed at N1533.56 per dollar on Monday, a marginal difference from N1,533.27 at the close of last week.

Naira-Dollar Exchange Rate

The development comes as the Naira dropped to between N1,665 and N1,680 per dollar on Monday from N1,665.

EKO HOT BLOG reports that the Naira depreciated against the Dollar on Friday.

This comes as the country’s inflation rate increased to 34.60 percent in November 2024 from 33.88 percent in October.

Here’s the video of the week:

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