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Naira rebounds against US dollar after 3-week decline


Naira rebounds against US dollar after 3-week decline

The Naira demonstrated a remarkable resurgence against the US Dollar in the unofficial parallel market, commonly referred to as the black market, on Thursday, offering a glimmer of hope to concerned observers.

During afternoon trading, the exchange rate reached N1,300 per dollar, marking a 0.76% increase (N10) compared to the N1,310 rate recorded just two days earlier on Tuesday in the black market.

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The Naira had been facing persistent foreign exchange pressure, with a low point of N1,310 per dollar, but on Thursday, it exhibited signs of improvement as demand for the currency slightly eased.

The most recent instance of Naira appreciation was observed on October 3, 2023, when it strengthened by 0.79% (N8) against the US Dollar.

This positive development comes after the Naira experienced a significant 6.86% depreciation on Tuesday, which followed a brief strengthening of 1.85% against the dollar on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

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