The Nigerian Naira demonstrated resilience on the unofficial parallel market, commonly known as the black market, as it appreciated against the US Dollar on Wednesday.
In the midst of afternoon trading, the exchange rate stood at N1,300 per dollar, marking a noteworthy increase of 0.76% or N10 when compared to the N1,310 rate observed on Tuesday in the black market.
This reversal in the exchange rate comes after persistent foreign exchange pressure and a recent dip in the Naira’s value, which had previously touched as low as N1,310 per dollar. Signs of improvement surfaced on Wednesday, suggesting a slight ease in the demand for foreign currency.
It’s worth noting that the Naira had last appreciated on October 3, 2023, when it gained 0.79% or N8 against the US Dollar.
The recent positive development follows a significant 6.86% depreciation experienced by the Naira on Tuesday, which came in stark contrast to the 1.85% strengthening against the dollar observed on the preceding Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).