Business
Naira Appreciates As Inflation Drops
Nigeria’s naira returns to appreciation against dollar after inflation drops.
The naira appreciated against the dollar in the official and parallel foreign exchange markets to begin the week on a positive note on Monday amid a drop in Nigeria’s headline inflation.
Exchange data from the Central Bank of Nigeria showed that the naira gained to N1,544.63 per dollar on Monday from N1,549.35 exchanged on Friday last week.
This indicated that the country’s currency, the naira, strengthened by N4.72 per dollar on Monday compared to N1,544.63 traded at the close of work on Friday.
Read Also: Naira Appreciates As Inflation Drops
Similarly, at the black market, the Naira firmed up around N1,595 and N1,600 per dollar in the period under review from N1,606 exchanged last week.
The development comes as Nigeria’s headline inflation declined for the second consecutive month in May to 22.97 percent.
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