By Samuel Abigael Busayo (SIWES student DSAP)
The Naira showed signs of gaining value against other currencies for the first time in three weeks.
On Wednesday, it appreciated against the US Dollar in the unofficial parallel market, commonly referred to as the black market. During afternoon trading, the exchange rate stood at N1,300 per dollar, marking a 0.76% increase (N10) compared to the previous day’s rate of N1,310 on the black market.
This improvement came as a relief from the consistent foreign exchange pressure, which had driven the Naira down to as low as N1,310 per dollar. Notably, a similar instance of Naira appreciation occurred on October 3, 2023, with a 0.79% increase (N8) against the US Dollar.
However, this positive trend was interrupted when the Naira experienced a significant 6.86% depreciation on Tuesday, following a 1.85% strengthening on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
