Naira appreciates against dollar despite spike in inflation

The naira appreciated against the dollar at the official foreign exchange market on Tuesday, despite the high inflation rate.

Data from the Central Bank of Nigeria showed that the naira strengthened to N 1,598.95 per dollar on Tuesday, compared to the N1,604.48 it traded at on Monday.

This indicates that the naira gained N5.53 against the dollar at the official rate on a day-to-day basis.

Meanwhile, in the black market, the naira remained stable at N1,610 per dollar—the same rate recorded on Monday.

Media Talk Africa reports that the naira appreciated against the dollar in the black market on Monday but experienced a slight depreciation at the official market.

The latest appreciation of the naira at the official market comes as Nigeria’s inflation rate eased to 24.23 percent on Tuesday.