Business
Naira gains against US Dollar amid rising inflation
The Nigerian currency, the naira, gained against the US Dollar on Wednesday despite the country’s soaring inflation rate.
According to data from FMDQ, the naira firmed against the Dollar to N818/$1 on Wednesday compared to N850.22/$1 exchanged on Tuesday.
The figure represents a N31.23 gain compared to the exchange rate on the previous day.
Meanwhile, at a parallel market, the country’s currency maintained relative stability as it traded at N1120 against the Dollar on Wednesday, the same rate quoted the previous day.
However, NewsNow learnt on Thursday morning that the rate is up marginally to N1140 against the US dollar at the parallel market.
The development comes as the National Bureau of Statistics’ latest Consumer Price Index data puts the October inflation rate at 27.33 per cent from 26.72 per cent in September.
The latest inflation rate in Nigeria represents the highest in two decades.
I won’t tolerate financial recklessness – Oyebanji warns Ekiti LG chairmen
Northern Lawmakers Announce N350m Pledge to Rebuild Bombed Kaduna
Cascarino Criticizes Ten Hag for Starting Out-of-Form Martial at Man United
Rivers APC excited over the arrival of pro-Wike lawmakers and anticipates more defections
House of Reps Northern caucus donates N45m to victims of Kaduna bombing
UCL: Saka, Martinelli missing from Arsenal training ahead of PSV squad
Zlatan Ibrahimovic Returns to AC Milan as Advisor
Business3 months agoFinance minister: Tinubu’s government met a bad economy, can’t borrow to fix it
Business4 months agoWorld Leaders, Including Obasanjo, Call for End to Dollar Dominance
News4 weeks agoWorld Bank disburses $300m palliative loans
News1 month agoNigeria Advocates for Two-State Solution Amid Israeli-Palestinian Conflict
News3 weeks agoNigeria Achieves 78% Vaccination Coverage in 12 States, Reveals Official
Investigation4 months agoNDLEA chiefs accused of N3.7m bribery
News4 months agoFidelity Bank Staff Steals N874 Million From Customers Account With Over 22 Cloned ATM Cards
News4 months agoDS Kalu – We Will provide legal framework to boost direct foreign investments