Naira records first N61 appreciation against Dollar after weeks of decline

The Naira saw its first N61.38 increase vs the US dollar at the official foreign exchange market, following weeks of deterioration.

According to FMDQ data, the value of a dollar increased by N1459.02 on Wednesday compared to N1520.40 on Tuesday.

This indicates a 4.2% increase in value relative to the US dollar on Wednesday over the prior trading day.

The Naira fell from N1520 to N1515 per dollar in the parallel market sector.

Recall that Bureau de Change operators attributed the Naira’s decline to the Central Bank of Nigeria’s inadequate foreign exchange allocation.

Since mid-April 2024, the Naira has lost 28% of its value relative to the US dollar.

The event occurred in April 2024, when Nigeria’s inflation rate shot up to 33.69 per cent. 

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