On Wednesday, the Naira appreciated against the US dollar on the unofficial parallel market, also known as the black market.
In afternoon trading, the exchange rate was N1,300 per dollar, representing a 0.76% (N10) increase over the N1,310 rate recorded on the black market on Tuesday.
The persistent foreign exchange pressure, exacerbated by the Naira falling as low as N1,310 per dollar, eased slightly on Wednesday as demand eased.
The Naira’s most recent appreciation occurred on October 3, 2023, when it increased by 0.79% (N8) against the US Dollar.
The Naira depreciated by 6.86% against the dollar on Tuesday, after strengthening by 1.85% against the dollar on Monday at the Nigerian Autonomous Foreign Exchange Market, NAFEM.
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