The naira saw a significant depreciation against the dollar in the foreign exchange market, driven by a spike in inflation.
According to FMDQ data, the naira dropped to N1658.97 per dollar on Tuesday, down from N1552.92 on Monday, losing N106.05.
Further analysis revealed that the naira weakened on Tuesday, reversing Monday’s N88.35 gain. However, in the black market, the naira held steady at N1700 per dollar, the same rate as on Monday.
This development followed a report from the National Bureau of Statistics, which announced on Tuesday that Nigeria’s inflation rate rose to 32.70% in September 2024, up from 32.15% in August.
Despite interventions by the Central Bank of Nigeria (CBN), fluctuations in Nigeria’s FX market have persisted in recent months.
CBN Governor Yemi Cardoso, speaking before the House of Representatives Committee on Banking Regulations, reassured that Nigeria’s external reserves remain robust at $39.12 billion.
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