Naira Hits Strongest Level Since April at N1,350/Dollar Amid Global Dollar Weakness

The naira has reached its strongest level since April, appreciating to N1,350 per dollar on August 17. This represents a gain of about 0.6% from its previous closing rate and extends the currency's recent strengthening trend.

The latest appreciation comes as Nigeria's headline inflation rate declined further to 15.43% in July from 15.91% in June, according to data released by the National Bureau of Statistics. The decline represents a 0.48 percentage-point reduction from the previous month.

The naira has strengthened from N1,368/$ on July 31 to N1,350/$ on August 17, representing an appreciation of about 1.3%. The currency's performance is also influenced by the global dollar movement, with the US dollar trading near multi-month lows against several major currencies.