On Wednesday, the Naira witnessed an appreciation against the US Dollar on the unofficial parallel market, often referred to as the black market.
During afternoon trading, the exchange rate stood at N1,300 per dollar, indicating a 0.76% increase (N10) in comparison to the N1,310 rate observed on the black market on Tuesday.
The ongoing foreign exchange pressure, which had worsened with the Naira hitting as low as N1,310 per dollar, exhibited some signs of improvement on Wednesday as demand slightly subsided.
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The Naira’s most recent appreciation took place on October 3, 2023, with a 0.79% increase (N8) against the US Dollar.
On Tuesday, the Naira underwent a substantial 6.86% depreciation, following a 1.85% strengthening against the dollar on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).