The Naira made a slight recovery against the US Dollar on the black market on Wednesday, October 25, 2023, after hitting a record low of N1,310 per dollar on Tuesday.
The local currency traded at N1,300 per dollar on the parallel market, up by 0.76% (N10) from the previous day’s rate.
The Naira has been under severe pressure in recent weeks due to the scarcity of foreign exchange and the high demand for dollars by importers and investors.
The last time the Naira appreciated on the black market was on October 3, 2023, when it rose by 0.79% (N8) to N1,002 per dollar.
However, the Naira lost value on the official market on Tuesday, dropping by 6.86% to N1,200 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), after gaining 1.85% on Monday.
