The naira appreciated massively against the dollar in the foreign exchange market in quick response to the first drop in inflation in Nigeria since 2022.
The FMDQ data showed that the Naira gained on Thursday to N1,564.48 to the dollar, compared to N1,586.04 exchanged on Wednesday.
This represents N21.56 against the dollar compared to N1,586.04 recorded on Wednesday.
Meanwhile, the Naira remained steady at 1,600 naira to the dollar on Thursday, the same exchange rate as on Wednesday.
The development comes as Nigeria’s inflation rate fell to 33.40 percent in July from 34.19 percent in June. It is the first most populous country in Africa to record a decline in general inflation since December 2022, when it was at 21.34%.
