Naira Rises to 1,140 Against U.S. Dollar at Parallel Market as Inflation Hits in 20-Years High

Nigeria’s currency, the naira, rose to N1140 on Thursday, November 16, at the parallel market as inflation hit a 20-year high.

On Wednesday, the Nigerian currency traded at N1120 naira against the dollar, the same rate as Tuesday, maintaining relative stability.

According to the latest consumer price index released by the National Bureau of Statistics, inflation stood at 27.33% in October, up from 26.72% in September.

The latest inflation rate in Nigeria was the highest in the past 20 years.

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