Naira depreciates significantly against dollar amid inflation rise

The naira significantly depreciated against the dollar in the foreign exchange market amid the inflation spike.

FMDQ data showed that the naira dropped to N1658.97 per dollar on Tuesday from N1552.92 exchanged on Monday, losing N106.05.

A further analysis showed that the naira weakened on Tuesday above the N88.35 gain recorded on Monday.

Meanwhile, at the black market, the naira remained at N1700 per dollar rate on Tuesday, the same as on Monday.

This development came as the National Bureau of Statistics on Tuesday said Nigeria’s inflation rose to 32.70 per cent in September 2024 from 32.15 per cent recorded in the previous Month.

In the past months, Nigeria’s FX market has continued to experience fluctuations despite interventions by the Central Bank of Nigeria, CBN.

The Governor of CBN, Yemi Cardoso who spoke at the House of Representatives Committee on Banking Regulations said Nigeria has enough in its external reserves which stand at $39.12 billion.