Naira Bounces Back, Appreciates Against Dollar After Weeks of Decline

On Wednesday, the Naira experienced a boost against the US Dollar on the unofficial parallel market, commonly referred to as the black market.

In afternoon trading, the exchange rate stood at N1,300 per dollar, marking a notable 0.76% increase (N10) compared to the previous day’s rate of N1,310.

This positive shift comes after consistent pressure on foreign exchange, pushing the Naira to a low of N1,310 per dollar.

Read also: Fuel Queues in Nigeria Continue Amidst Supply Crisis.

However, there were signs of improvement on Wednesday as demand slightly eased.

This recent uptick follows a similar incident on October 3, 2023, when the Naira had increased by 0.79% (N8) against the US Dollar.

Notably, this positive development occurred after a significant 6.86% depreciation of the Naira, following a brief strengthening of 1.85% against the dollar on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

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