The Nigerian naira strengthened against the US Dollar on Wednesday, reaching N818/$1 compared to Tuesday’s exchange rate of N850.22/$1, as reported by FMDQ.
This signifies a N31.23 gain from the previous day. Meanwhile, in the parallel market, the naira remained stable at N1120/$1 on both Wednesday and the preceding day, but later increased marginally to N1140 against the US dollar on Thursday.
This occurred amidst Nigeria’s soaring inflation rate, with the National Bureau of Statistics reporting a rise from 26.72% in September to 27.33% in October, marking the highest inflation rate in the country in two decades.
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