Local

Naira Records First N61 Appreciation Against Dollar at Official Market After Weeks of Decline

 

Naira has appreciated against the dollar for the first time after weeks of decline.

 

The Naira recorded its first N61.38 appreciation against the Dollar at the official foreign exchange market.

 

FMDQ data showed that it appreciated by N1459.02 per Dollar on Wednesday compared to N1520.40 on Tuesday.

 

This represents a 4.2 per cent gain against the Dollar on Wednesday compared to the previous day.

 

Similarly, the Naira dropped to N1515 per Dollar in the parallel market section from N1520.

 

Recall that Bureau De Change operators blamed the depreciation of the Naira on insufficient foreign currency allocation by the Central Bank of Nigeria.

 

Since mid-April 2024, the Naira recorded a 28 per cent decline against the Dollar.

 

The development comes as Nigeria’s inflation surged to 33.69 per cent in April 2024.