Naira appreciates massively amid first decline in Nigeria’s inflation since 2022

The Naira appreciated massively against the dollar at the foreign exchange market in a swift response to the first decline in Nigeria’s inflation since 2022.

FMDQ data showed that the Naira gained to N 1,564.48 per dollar on Thursday from N1,586.04 exchanged on Wednesday.

This represents an N21.56 against the dollar compared to the N1,586.04 recorded on Wednesday.

Meanwhile, the Naira remained flat at N1600 per dollar rate on Thursday, the same exchange rate on Wednesday.

The development comes as Nigeria’s inflation rate fell to 33.40 percent in July from 34.19 percent in June. This represents the first Africa’s most populous country has recorded a headline inflation decline since December 2022 when it stood at 21.34 percent.