NAIRA, on Thursday, appreciated against the US Dollar on the unofficial parallel market, commonly referred to as the black market.
In afternoon trading, the exchange rate was N1,300 per dollar, representing a 0.76% increase (N10) compared to the N1,310 rate recorded on Tuesday on the black market.
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The persistent foreign exchange pressure, exacerbated by the Naira reaching as low as N1,310 per dollar, showed signs of improvement on Thursday as demand slightly eased.
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The most recent instance of Naira appreciation occurred on October 3, 2023, when it increased by 0.79% (N8) against the US Dollar.
On Tuesday, the Naira experienced a significant 6.86% depreciation after having strengthened by 1.85% against the dollar on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
