Naira Appreciates Against Dollar After Weeks Of Decline

Naira Appreciates Against Dollar After Weeks Of Decline

Published on May 15, 2024, at 8:44 PM
By Noah Abdulsalam

The Naira has recorded its first significant appreciation against the Dollar, rising to N61.38 at the official foreign exchange market after weeks of decline……read also Black Market Dollar (USD) to Naira (NGN) Exchange Rate Update for 15th May 2024

Bureau De Change operators had attributed the Naira’s depreciation to insufficient foreign currency allocations by the Central Bank of Nigeria. However, FMDQ data showed that on Wednesday, the Naira appreciated to N1459.02 per Dollar from N1520.40 on Tuesday, marking a 4.2 percent gain.

Similarly, in the parallel market, the Naira improved to N1515 per Dollar from N1520. This development coincides with a report from the Nigeria Bureau of Statistics (NBS) indicating that Nigeria’s inflation rate surged to 33.69 percent in April 2024.

**EFCC Vows to Crack Down on Illegal Dollar Transactions**

The Economic and Financial Crimes Commission (EFCC) has intensified its efforts against illegal dollar transactions in Nigeria. Acting Director of Public Affairs for the EFCC, Wilson Uwujaren, emphasized the agency’s commitment to strict law enforcement during an appearance on Channels Television’s “Politics Today.” He urged the public to report any suspicious activities, stating, “The ship has already left the train station. We have started a movement, and we are not going to relent.”