BREAKING: Naira floors dollar in new exchange rate

Following weeks of decline, the Nigerian Naira has registered a notable appreciation of N61.38 against the US Dollar in the official foreign exchange market.

According to data from FMDQ, the Naira experienced a significant surge, rising by N1459.02 per Dollar on Wednesday, as opposed to N1520.40 recorded on Tuesday. This marks a substantial 4.2 percent increase against the Dollar compared to the previous day’s performance.

Conversely, in the parallel market, the Naira saw a slight decline to N1515 per Dollar from the previous rate of N1520.

It is noteworthy to recall that Bureau De Change operators had previously attributed the Naira’s depreciation to insufficient foreign currency allocation by the Central Bank of Nigeria.