Naira Crashes To N1,140 Per Dollar; Inflation Worst In 20 Years

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The Nigerian Naira has dropped to N1,140 against the Dollar on the parallel market.

On Tuesday and Wednesday, it traded at N1,120 against the Dollar.

The story rhymes at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Central Bank of Nigeria (CBN) approved official market, where the naira equally recorded the biggest fall in recent times exchanging for N1,105.

The currency depreciated by over N200 within hours after it opened earlier in the day at N830.

However, it bounced back, closing at N841.14 to the Dollar.

The development comes as the National Bureau of Statistics (NBS) in its latest Consumer Price Index data said the October inflation rate at 27.33 percent was worse than the 26.72 percent recorded in September.

The NBS computation puts current inflation rate in Nigeria as the highest in two decades.

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