The Naira experiences its first rise against the U.S. dollar in three weeks

Date:

On Wednesday, the Naira exhibited a positive trend against the US Dollar in the unofficial parallel market, colloquially known as the black market.

During afternoon trading, the exchange rate stood at N1,300 per dollar, marking a notable 0.76% appreciation (equivalent to N10) when compared to the N1,310 rate recorded on the previous Tuesday within the black market.

Amidst persistent foreign exchange pressure, exacerbated by the Naira sinking to as low as N1,310 per dollar, Wednesday showed encouraging signs of relief as demand moderately eased.

The most recent instance of Naira’s value increase occurred on October 3, 2023, when it strengthened by 0.79% (equivalent to N8) against the US Dollar.

It’s important to note that on the preceding Tuesday, the Naira encountered a significant 6.86% depreciation, which followed a 1.85% strengthening against the dollar on the prior Monday in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Artswax Communications, National Troupe of Nigeria to Stage “Tafawa Balewa: The Golden Voice of Africa”

Award-winning broadcast Joirnalist and Playwright, Ola Awakan has announced...

Bidemi Rufai released from U.S. prison, faces deportation after multimillion-dollar fraud conviction

Bidemi Rufai released from U.S. prison, faces deportation after...

Appeal Court Sacks MC Oluomo As NURTW President

The Court of Appeal, Abuja Division, has declared Alhaji...

Tears as Lagbaja buried in Abuja, gets posthumous national honour

Emotions ran high as the Chief of Army Staff,...