Amid inflation, naira appreciates against dollar to begin week on positive note

The naira appreciated against the dollar at the official market to kick off the week on a good note.

According to data from the FMDQ, the naira strengthened to N1545.10/$1 on Monday from N1549.50/$1 it exchanged last Friday.

This represents a gain of N4.60 against the American greenback.

This comes as the country’s inflation rate increased to 34.60 per cent in November 2024 from 33.88 per cent recorded in October.

READ ALSO: Naira rebounds, appreciates against dollar on official, black markets

However, in the black market, the naira closed at N1690/$1 as against the N1680/$1 recorded the previous day. This means a loss of N10 against the dollar.

The naira lost N40 against the British Pound to trade at N2,200/£1 as against the previous day’s rate of N2,160\£1.

After several weeks of holding steady at N1,300/CA$1, the Canadian Dollar shed N20 against the naira to trade at N1,280/CA$1.s

The naira gained N45 against the Euro to trade at ₦1,760/€1 as against the previous day’s rate of ₦1,805/€1.

By: Babajide Okeowo

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