See Exchange Rate Tonight As Naira Appreciates At Official Market

Naira gained against the U.S. dollar in the official market and closed flat in the parallel market, halting losses after experiencing an appreciable decline in the past two days.

Despite the increase in Nigeria’s headline inflation rate to 27.33% in October, up from the September 2023 rate of 26.72%, as released today by the National Bureau of Statistics.

The October 2023 headline inflation rate represents a 0.61 %–point increase compared to the figure for the previous month of September.

Additionally, on a year-on-year basis, the headline inflation rate was 6.24% points higher than the rate recorded in October 2022, which stood at 21.09%.

See Exchange Rate Tonight As Naira Appreciates At Official Market

The exchange rate between the naira and dollar rose to N818.99/$1 on Wednesday at the official market.

This represents an N31.23 gain or a 3.81% increase in the local currency compared to the N850.22 it recorded on Tuesday.

The intraday high recorded was N1100/$1, while the intraday low was N751.00/$1, representing a wide spread of N348.78/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $173.51 million, representing a 20.87% increase compared to the previous day.

However, the naira closed flat at the parallel forex market where forex is sold unofficially, the exchange rate closed at N1140/$1 as against the same N1140/$1 it quoted on Tuesday, representing 0.00%, while peer-to-peer traders quoted around N1127.01/$1.

BY IYABO AINA

Publisher Of News Rain Nigeria