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).
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
