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

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The first drop in Nigeria’s inflation since 2022 caused the Naira to rapidly rise versus the dollar on the foreign currency market.

The Naira increased to N 1,564.48 per dollar on Thursday from N1,586.04 on Wednesday, according to FMDQ statistics.

In relation to the N1,586.04 recorded on Wednesday, this amounts to a N21.56 value against the US dollar.

On Thursday, the Naira maintained its unchanged value of N1600 per dollar, which it had on Wednesday.

This occurs as Nigeria’s inflation rate dropped from 34.19 percent in June to 33.40 percent in July. This is the first time that the most populous nation in Africa has seen a reduction in headline inflation since December 2022, when it was 21.34 percent.

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