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BREAKING: Naira Appreciates N61 Naira Against Dollar

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BREAKING: Naira Appreciates N61 Naira Against Dollar—The Naira has recorded its first N61.38 appreciation against the Dollar at the official foreign exchange market after weeks of depreciation.

Recall that Bureau De Change operators blamed the Naira’s depreciation on the Central Bank of Nigeria’s insufficient foreign currency allocation.

However, FMDQ data showed that Naira 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.

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Similarly, the Naira dropped to N1515 per Dollar in the parallel market section from N1520.

This development comes amid a report by the Nigeria Bureau of Statistics (NBS) showing that Nigeria’s inflation surged to 33.69 percent in April 2024.

Meanwhile, the Economic and Financial Crimes Commission (EFCC) has intensified its efforts against illegal dollar transactions in Nigeria, warning businesses and individuals against illegal dealing in foreign currency.

the  Acting Director of Public Affairs for the EFCC, Wilson Uwujaren, made this disclosure while speaking on Channels Television’s program, Politics Today.

He emphasized the agency’s commitment to enforcing the law strictly.

Uwujaren declared, “The ship has already left the train station. We have started a movement, and we are not going to relent.”

He urged the public to cooperate with the EFCC by reporting any suspicious activity.

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