Emmanuel Ochayi
The Nigerian Naira showcased resilience against the US dollar across official and parallel markets, despite soaring inflation rates reported by the National Bureau of Statistics.
November’s inflation figures revealed a surge, reaching a striking 28.20%, painting a grim picture of the intensifying cost of living crisis within the nation.
Join our WhatsApp ChannelThe latest ‘Consumer Price Index: November 2023’ released by the National Bureau of Statistics indicated an alarming 0.87 percentage point spike in headline inflation, escalating from October’s already concerning rate of 27.33%.
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On an annual basis, the increase amounted to 6.73% points compared to the same period the previous year.
The exchange rate at the official market witnessed an upturn, with the Naira rising to N889.86 against the US dollar, marking a 1.3% gain from the preceding day’s value.
Despite this positive shift, the market saw a considerable intraday spread, ranging from N700.00/$1 to N1126.53/$1, reflecting underlying volatility.
Moreover, at the parallel forex market, the Naira sustained its climb, closing at N1245/$1, signaling a 1.20% increase compared to the previous day.
Peer-to-peer traders quoted rates around N1216.32/$1, showcasing the Naira’s fluctuating dynamics across different exchange platforms.
The juxtaposition of a robust Naira against the dollar amid soaring inflationary pressures underscores the complex economic landscape Nigeria currently navigates.
The surge in inflation paints a stark reality of the mounting financial challenges faced by citizens, while the Naira’s buoyancy presents a paradoxical narrative amidst this economic turbulence.
