Naira Appreciates Against Dollar After Weeks of Decline - Android Pols

Naira Appreciates Against Dollar After Weeks of Decline

According to FMDQ data, it rose by N1459.02 per Dollar on Wednesday, compared to N1520.40 on Tuesday

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

According to FMDQ data, it rose by N1459.02 per Dollar on Wednesday, compared to N1520.40 on Tuesday.

This represents a 4.2% gain against the Dollar on Wednesday, compared to the previous day.

Similarly, in the parallel market section, the Naira declined 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 recorded a 28% decline against the Dollar.

Additionally, Nigeria's inflation surged to 33.69% in April 2024.