The Naira experienced a significant appreciation against the Dollar at the official foreign exchange market, with an increase of N61.38.

According to FMDQ data, this appreciation amounted to N1459.02 per Dollar on Wednesday, compared to N1520.40 on Tuesday.

This represents a 4.2% gain against the Dollar in just one day. In contrast, the Naira dropped to N1515 per Dollar in the parallel market section from N1520.

The depreciation of the Naira has been attributed to insufficient foreign currency allocation by the Central Bank of Nigeria, as stated by Bureau De Change operators.

Since mid-April 2024, the Naira has experienced a significant decline of 28% against the Dollar. Additionally, Nigeria’s inflation rate has surged to 33.69% in April 2024.