Home Banking & Finance Naira appreciates against dollar for first time in three weeks on black...

Naira appreciates against dollar for first time in three weeks on black market

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The Naira, on Wednesday, appreciated against the US Dollar for the first time on the unofficial parallel market, popularly called the black market.

The exchange rate as of afternoon trading was N1,300 per dollar, representing a 0.76% increase (N10) compared to the N1,310 rate recorded on Tuesday on the black market.

As demand eased on Wednesday, the continuous pressure escalated by the Naira which fell as low as N1.310 on foreign exchange improved significantly.

The Naira’s most recent appreciation happened on October 3, 2023, when it climbed by 0.79% (N8) against the US Dollar.

The Naira depreciated by 6.86% against the dollar on Tuesday, after strengthening by 1.85% against the dollar on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

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