Naira Appreciates Against Dollar For First Time In Three Weeks

The black market rate for the dollar was N1,300 on Wednesday afternoon, an N10 reduction (0.76%) from the N1,310 rate observed on Tuesday.

The ongoing strain on foreign exchange, exacerbated by the naira’s dip to as low as N1,310 per dollar, began to lessen on Wednesday as demand decreased marginally.

The Naira’s most recent increase in value against the US dollar was on October 3, 2023, when it rose by 0.79% (N8).

Also, the Nigerian Autonomous Foreign Exchange Market (NAFEM) saw a notable 6.86% devaluation of the Naira on Tuesday, following a 1.85% increase against the US dollar on Monday.