The Naira recorded a significant gain against the dollar at the foreign exchange market on Thursday, appreciating by N21.56 to N1,564.48 per dollar.
This surge follows the first decline in Nigeria’s inflation rate since 2022, which fell to 33.40% in July from 34.19% in June.
The decline in inflation marks a significant milestone for Africa’s most populous country, which has been grappling with rising prices since December 2022 when the inflation rate stood at 21.34%.
Despite the gain at the official market, the Naira remained flat at N1,600 per dollar on the parallel market, unchanged from Wednesday’s rate.
The appreciation of the Naira against the dollar is seen as a positive response to the decline in inflation, which is expected to boost investor confidence and stimulate economic growth.
The data was obtained from FMDQ, which showed that the Naira gained N21.56 against the dollar compared to the previous day’s rate of N1,586.04.
