Naira strengthens against the US Dollar as inflation continues to rise

Despite the nation’s skyrocketing rate of inflation, the value of the Nigerian naira increased versus the US dollar on Wednesday.

The naira strengthened against the dollar on Wednesday, reaching N818/$1, according to FMDQ data, from N850.22/$1 on Tuesday.

The amount shows a gain of N31.23 over the previous day’s exchange rate.

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On a parallel market, the nation’s currency held onto some degree of stability as it traded on Wednesday at N1120 versus the US dollar, which was the same price as the day before.

On Thursday morning, OBASANJONEWS24 discovered that the parallel market’s exchange rate for the US dollar had slightly increased to N1140.

The change occurs as the October inflation rate is reported to have increased to 27.33 percent from 26.72 percent in September according to the National Bureau of Statistics’ most recent Consumer Price Index data.

Nigeria’s inflation rate is at its highest level in 20 years as of late.