Economy: Naira appreciates massively amid first decline in Nigeria’s inflation since 2022
This positive development occurred as Nigeria’s inflation rate dropped to 33.40 percent in July from 34.19 percent in June, marking the country’s first decline in headline inflation since December 2022
The Naira experienced a significant appreciation against the dollar in response to Nigeria’s first decline in inflation since 2022.
According to FMDQ data, the Naira strengthened to N 1,564.48 per dollar on Thursday, compared to N1,586.04 on Wednesday, marking a gain of N21.56.
The exchange rate remained unchanged at N1600 per dollar on Thursday.
This positive development occurred as Nigeria’s inflation rate dropped to 33.40 percent in July from 34.19 percent in June.
This development marks the country’s first decline in headline inflation since December 2022, when it was at 21.34 percent.
