Emmanuel OchayiThe 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.
The 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%.
READ ALSO: Naira Appreciates To N901/$1: Confidence Key To Stability – Experts
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.
Follow Us