Naira, on Wednesday, appreciated against the US Dollar on the unofficial parallel market, commonly referred to as the black market.
In afternoon trading, the exchange rate was N1,300 per dollar, representing a 0.76% increase (N10) compared to the N1,310 rate recorded on Tuesday on the black market.
The persistent foreign exchange pressure, exacerbated by the Naira reaching as low as N1,310 per dollar, showed signs of improvement on Wednesday as demand slightly eased. October ending 2023 may have seen Naira trying to come alive, but forecast still predict this currency hitting the N2000 mark come December, 2023.
We notice that the government intend doing something about this deep fail of the naira, but the truth must be told, it is always natural for the naira to fail against the dollar toward the end of the years as this is the period where the demand for dollar rises above normal
added to the fact that Nigeria still import petroleum products in huge volume and our crude export that is supposed to bring in the dollars is not improving in anyway. the politics playing out with the Dangote refinery kick off time is not helping matters. all the same it is important for those trading currency right now to be cautious
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