Despite experiencing decline in the last two days and high inflation rate in October, the naira, on Wednesday, still gained against the U.S. dollar in the official market.

It could be recalled that the National Bureau of Statistics (NBS), had released inflation rate which stands at 27.33% in October, up from the September 2023 rate of 26.72%.

The October 2023 headline inflation rate represents a 0.61 %-point increase compared to the figure for the previous month of September. 

Despite these headwinds, the naira still rises against the dollar as it rose to N818.99/$1 on Wednesday at the official market. 

This represents an N31.23 gain or a 3.81% increase in the local currency compared to the N850.22 it recorded on Tuesday. 

The intraday high recorded was N1100/$1, while the intraday low was N751.00/$1, representing a wide spread of N348.78/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $173.51 million, representing a 20.87% increase compared to the previous day.