Despite Inflation Hike, Naira Appreciates to N818.99/$1 at Official FX Market 

Despite the increase in Nigeria’s headline inflation rate to 27.33 per cent in October, the Nigerian currency, Naira, Wednesday gained against the U.S. dollar, closing at N818.99/$1 at the official market.

Although, the naira closed flat in the parallel market, however, halt losses after experiencing an appreciable decline in the past two days.

This represents an N31.23 gain or a 3.81% increase in the local currency compared to the N850.22 it recorded on Tuesday.

The intraday high recorded was N1100/$1, while the intraday low was N751.00/$1, representing a wide spread of N348.78/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $173.51 million, representing a 20.87% increase compared to the previous day.

However, the naira closed flat at the parallel forex market where forex is sold unofficially, the exchange rate closed at N1140/$1 as against the same N1140/$1 it quoted on Tuesday, representing 0.00%, while peer-to-peer traders quoted around N1127.01/$1.

Nigeria’s inflation rate jumped to 27.33% in October 2023 as prices of foodstuff continued to increase in the aftermath of the removal of fuel subsidy by the President Bola Tinubu administration.