By John Joseph
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The Nigerian naira kicked off the week on a positive note, appreciating against the US dollar at the official market. According to data from FMDQ, the naira strengthened to N1545.10 per dollar on Monday, representing a gain of N4.6 from the N1549.50 exchanged last Friday.
The Central Bank of Nigeria’s (CBN) data also showed a marginal difference in the exchange rate, closing at N1533.56 per dollar on Monday, compared to N1,533.27 at the close of last week. However, the naira’s appreciation was not reflected in the black market, where it dropped to between N1,665 and N1,680 per dollar on Monday, from N1,665 previously.
This development comes amidst a rising inflation rate in Nigeria, which increased to 34.60% in November 2024, up from 33.88% in October. The inflation rate surge has raised concerns about the country’s economic stability and the impact on citizens’ purchasing power.
Despite the naira’s appreciation, experts warn that the rising inflation rate could undermine the currency’s gains and worsen the economic outlook. The Nigerian government faces the challenge of balancing economic growth with inflation control, ensuring that the naira’s appreciation translates to tangible benefits for citizens.
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