BREAKING: Naira Appreciates Against Dollar For First Time In Three Weeks (SEE NEW RATE)

BREAKING: Naira Appreciates Against Dollar For First Time In Three Weeks (SEE NEW RATE)

On Wednesday, the Naira exhibited an uptick against the US Dollar on the unofficial parallel market, commonly known as the black market.

During afternoon trading, the exchange rate stood at N1,300 per dollar, indicating a 0.76% improvement (N10) compared to Tuesday’s rate of N1,310 on the black market.

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The persisting pressure on foreign exchange, which had pushed the Naira to as low as N1,310 per dollar, displayed signs of alleviation on Wednesday as demand slightly abated.

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The most recent occurrence of Naira appreciation took place on October 3, 2023, when it saw a 0.79% increase (N8) against the US Dollar.

In contrast, Tuesday witnessed a notable 6.86% depreciation of the Naira after it had strengthened by 1.85% against the dollar on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

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