The Nigerian Naira weakened by a further 2% against USD last week despite a rebound on Friday. The Naira has endured a torrid month, dropping by over 25% against the dollar. The only data release of note was a further uptick in inflation on Wednesday to 33.69%. The main measure of inflation being watched is food inflation, which also increased to 40.53%, albeit below market expectations of 42.5%. The central bank is desperate to tame food inflation as the cost of living becomes more unmanageable. If this does not see a reversal there are fears a serious dent
Published on 22 May 2024
Despite a Friday rebound, the Nigerian Naira weakened by 2% against the USD last week, enduring a torrid month with a staggering 25% drop. Inflation soared to 33.69%, with food inflation hitting 40.53%, sparking fears of a serious economic dent if not reversed promptly.
Open a free multi currency account with Hubpay
We help companies all around the globe to send money in the easiest and cheapest way using multiple currencies. Talk to Hubpay Corporate FX team today
Share this blog on
Streamline your Corporate FX
Fast account opening – Minimal Paperwork