The naira exchange rate improved in the foreign exchange (FX) market midweek due to improve US dollar liquidity.   According to spot data from the FMDQ platform, the naira appreciated by 2.63%, closing at ₦1,645.40 per US dollar at the official market.

The U.S. consumer price index (CPI) which measures inflation rate, increased to 2.6% in October, according to data released today.  The consumer price index increased by 0.2% month over month and 2.6% from the year-earlier period, as expected.