The Naira appreciated massively against the dollar at the
foreign exchange market in a swift response to the first decline in Nigeria’s
inflation since 2022.
FMDQ data showed that the Naira gained to N 1,564.48 per
dollar on Thursday from N1,586.04 exchanged on Wednesday.
This represents an N21.56 against the dollar compared to the
N1,586.04 recorded on Wednesday.
Meanwhile, the Naira remained flat at N1600 per dollar rate
on Thursday, the same exchange rate on Wednesday.
The development comes as Nigeria’s inflation rate fell to
33.40 percent in July from 34.19 percent in June. This represents the first
Africa’s most populous country has recorded a headline inflation decline since
December 2022 when it stood at 21.34 percent.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com