The Naira demonstrated an appreciation against the US Dollar on the unofficial parallel market, commonly referred to as the black market, on Wednesday.
During afternoon trading, the exchange rate stood at N1,300 per dollar, marking a 0.76% increase (N10) compared to the N1,310 rate recorded on Tuesday in the black market.
The positive shift comes as a relief from persistent foreign exchange pressure, which had worsened to the extent that the Naira had reached as low as N1,310 per dollar. The demand for foreign currency showed some signs of easing on Wednesday.
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The most recent instance of Naira appreciation on the black market took place on October 3, 2023, when it had increased by 0.79% (N8) against the US Dollar.
On Tuesday, the Naira experienced a significant 6.86% depreciation after having strengthened by 1.85% against the dollar on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).