Market News
Naira appreciates against dollar despite rise in Nigeria’s inflation - DAILY POST
The naira appreciated against the dollar at the official market to kick off the week on a good note. FMDQ data showed that the naira strengthened to N1545.10 per dollar on Monday from N1549.50 exchanged last Friday, showing a gain of N4.6.
The Central Bank of Nigeria’s data indicated that the exchange rate closed at N1533.56 per dollar on Monday, a marginal difference from N1,533.27 at the close of last week.
The development comes as the naira dropped to between N1,665 and N1,680 per dollar on Monday from N1,665 on the black market.
DAILY POST reports that the naira depreciated against the dollar on Friday.
This comes as the country’s inflation rate increased to 34.60 per cent in November 2024 from 33.88 per cent in October.
