Naira posts gain first time in 3weeks on parallel market

Naira on Wednesday appreciated against the dollar for the first time in three weeks on the parallel market, popularly called the black market.

During the afternoon trading on Wednesday, one dollar was sold for N1,300, which was 0.76 per cent (N10) stronger than N1,310 quoted on Tuesday at the black market.

Read also FX pressure worsen as naira hit N1,310/$ on black market

The foreign exchange pressure, which has worsened with the local currency exchanging with the dollar as low as N1,310 regained strength on Wednesday as demand slightly moderated.

The last time that naira appreciated was on October 3, 2023 when it gained 0.79 percent (N8) against the dollar.

Naira on Tuesday lost 6.86 percent after strengthening against the dollar by 1.85 percent on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).