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.