The Nigerian Naira on Monday 30th Oct, displayed further resilience, gaining 2.5% against the US Dollar, with the exchange rate falling to N1,170 on the parallel market also known as black market.
The positive shift in the currency market saw the Dollar quoted at N1,170, which marked an improvement from the N1,200 rate observed just last Friday.
To provide context, the Naira had faced significant pressure earlier in the previous week when it reached a record low of N1,310 per Dollar.
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This decline was attributed to strong demand in the parallel market, colloquially known as the black market.
Traders have linked the recent appreciation of the Naira to the implementation of government policies aimed at creating uncertainty for speculators.
The Nigerian government is actively working on digitalizing foreign exchange transactions to discourage speculative demands and the hoarding of foreign exchange in cash.