On the black market, or unofficial parallel market, the value of Naira increased versus the US dollar on Wednesday.
The exchange rate in the afternoon was N1,300 per dollar, which is a gain of 0.76% (N10) above the N1,310 rate that was seen on the black market on Tuesday.
Tuesday saw a notable 6.86% devaluation of the Naira, which on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM) had climbed by 1.85% against the US dollar.
The ongoing pressure on foreign exchange, which was made worse by the Naira falling as low as N1,310 to the dollar, began to lessen on Wednesday as demand decreased marginally.
The Naira appreciated by 0.79% (N8) versus the US dollar on October 3, 2023, which was the most recent instance of its appreciation.
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