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.

READ ALSO: Naira Falls To N847/$ Official Exchange Rate

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

+ posts

• Emmanuel Ochayi

  https://www.primebusiness.africa/author/ochayi/

  AfDB Announces $1.44 Billion Investment To Support Nigeria's Infrastructure Development
• Emmanuel Ochayi

  https://www.primebusiness.africa/author/ochayi/

  Minimum Wage: NLC Denies N100,000 Agreement, Plans Next Move
• Emmanuel Ochayi

  https://www.primebusiness.africa/author/ochayi/

  Naira Gains In Parallel Market, Trade For N1,500/$1 As EFCC Cracks Down On Illegal Trading
• Emmanuel Ochayi

  https://www.primebusiness.africa/author/ochayi/

  Naira Decline Breaks Four-Day Winning Streak, Falls To N1485/$1 Amid Forex Market Volatility