Emmanuel Ochayi
In a turn of events, the Naira made a recovery against the US Dollar on Wednesday, as it appreciated to N1,300 per dollar on the black market, marking a 0.76% increase equivalent to N10 compared to the previous day’s rate of N1,310.
In the face of persistent foreign exchange pressure, which had pushed the Naira to a low of N1,310 per dollar on Tuesday, it seems that demand has eased slightly.
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Analysts recall that the most instance of Naira appreciation took place on October 3, 2023, with a 0.79% increase of N8 against the US Dollar.
This latest development comes after the Naira experienced a 6.86% depreciation on Tuesday, following a 1.85% strengthening against the dollar on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
In response to this shift, the Federal Government is reportedly considering a $10 billion plan to stabilize the Naira and is eyeing the Nigerian National Petroleum Corporation Limited (NNPCL) for forex support.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
