Naira records first N61 appreciation against Dollar after weeks of decline

Following weeks of decline, the Naira experienced its first appreciation against the Dollar in the official foreign exchange market, gaining N61.38.

Data from FMDQ revealed that it strengthened by N1459.02 per Dollar on Wednesday compared to the previous day’s rate of N1520.40, marking a 4.2 percent increase.

Similarly, in the parallel market, the Naira dipped to N1515 per Dollar from N1520. Bureau De Change operators attributed the Naira’s depreciation to insufficient foreign currency allocation by the Central Bank of Nigeria.

Since mid-April 2024, the Naira has seen a 28 percent drop against the Dollar, coinciding with Nigeria’s inflation rate rising to 33.69 percent in April 2024.