On Wednesday, the Naira saw a positive shift against the US Dollar within the unofficial parallel market, commonly referred to as the black market.
During afternoon trading, the exchange rate stood at N1,300 per dollar, reflecting a 0.76% increase, equivalent to N10, compared to the previous rate of N1,310 on Tuesday in the black market.
The persistent pressure on foreign exchange, exacerbated by the Naira’s recent drop to as low as N1,310 per dollar, displayed signs of improvement on Wednesday as demand slightly eased.
The most recent instance of Naira appreciation took place on October 3, 2023, when it gained 0.79% (equivalent to N8) against the US Dollar.
On Tuesday, the Naira witnessed a significant 6.86% depreciation, following a 1.85% strengthening against the US dollar on Monday in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
