Naira drops against dollar at official, black markets amid spike in inflation

The naira dropped against the dollar at official and parallel foreign exchange markets at the close of Wednesday amid Nigeria’s inflation rise.

FMDQ data showed that the naira weakened further to N1,551.10 against the dollar on Wednesday from N1,549.65. This means that the naira lost N1.45.

Similarly, on the black market, the naira depreciated by N7 to close at N1,667 per dollar on Wednesday from the N1,660 exchange rate the previous day.

DAILY POST reports that the naira dipped at the two FX markets on Wednesday, unlike on Tuesday when it recorded mixed results.