After weeks of depreciation, the Naira recorded its first N61.38 appreciation against the Dollar in the official foreign exchange market.
FMDQ data on Wednesday showed that the national currency exchanged at N1,459.02 per dollar, representing a 4.2 percent gain compared to N1,520.40 on Tuesday.
Similarly, the Naira dropped to N1,515 per dollar in the parallel market section from N1,520 of the previous day.
Bureau De Change operators had 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 figure surged to 33.69 per cent for April 2024.
