Naira Watch
Naira reacts to soaring inflation, sheds N1.45 at official window
The Nigerian currency, the naira, in apparent reaction to the soaring inflation figures slumped marginally against the dollar at the official window on Wednesday, January 15, 2025.
Earlier on Wednesday, the National Bureau of Statistics (NBS) disclosed that Nigeria’s inflation rate surged to 34.80 per cent in December, up from 33.60 per cent in November 2024.
Later in the day, FMDQ data showed that the naira slumped to N1,551.10/$1 on Wednesday, January 15, 2025, from N1,549.65/$1 recorded on Tuesday, January 14, 2025.
This represents a loss of N1.45 against the dollar.
READ ALSO: Naira slumps against dollar at official window, gains at black market
In the black market, the naira closed flat against the dollar to trade at N1,660/$1 same as the previous rate of N1,660/$1.
Similarly, the naira held steady against the British Pound to trade at N2,080/£1 same as the previous day’s rate of N2,080\£1.
The naira continues to hold steady against the Canadian Dollar at N1,280/CA$1.
The naira lost N10 against the Euro to trade at ₦1,700/€1 as against the previous day’s rate of ₦1,690/€1.
By: Babajide Okeowo
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