By Seyi Babalola
After weeks of devaluation, the Naira gained N61.38 versus the dollar on the official foreign currency market.
FMDQ statistics revealed that it increased by N1459.02 per dollar on Wednesday, compared to N1520.40 on Tuesday.
This is a 4.2 percent increase versus the US dollar on Wednesday compared to the previous day.
In the parallel market, the Naira fell to N1515 per dollar from N1520.
Recall that Bureau de Change operators blamed the Naira’s devaluation on the Central Bank of Nigeria’s inadequate foreign currency allocation.
Since mid-April 2024, the Naira has fallen 28% versus the dollar.
The development comes as Nigeria’s inflation rate rose to 33.69 percent in April 2024.
