The Nigerian Naira exhibited a slight appreciation against the US Dollar on the unofficial parallel market, commonly referred to as the black market, on Wednesday.
In afternoon trading, the exchange rate stood at N1,300 per dollar, marking a 0.76% increase (N10) in comparison to the N1,310 rate recorded on the black market the previous day.
This shift indicates a possible improvement in the ongoing foreign exchange pressures, which had previously driven the Naira to a low of N1,310 per dollar.
It’s worth noting that the most recent instance of Naira appreciation occurred on October 3, 2023, when it saw a 0.79% increase (N8) against the US Dollar.
On the contrary, the Naira experienced a substantial 6.86% depreciation against the dollar on Tuesday, following a 1.85% strengthening on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This recent fluctuation highlights the volatility in the foreign exchange market.