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).
