Naira goes up to 1140 against US Dollar at parallel market as inflation soars to highest in two decades

The Nigerian currency, the Naira, rose to 1140 on the Parallel market on Thursday, November 16 even as inflation soars to its highest record in two decades.

On Wednesday, the country’s currency maintained relative stability as it traded at N1120 against the Dollar on, the same rate quoted on Tuesday.

The development comes as the National Bureau of Statistics’ latest Consumer Price Index data puts the October inflation rate at 27.33 per cent from 26.72 per cent in September.

The latest inflation rate in Nigeria represents the highest in two decades.