Naira Surges 0.76% To N1,300/$1 In Black Market After 3 Weeks

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.