The Nigerian naira demonstrated a remarkable appreciation against the dollar, closing at N786.02/$1 at the official market on Wednesday, November 1.Notably, the day saw a wide trading spread, with the intraday high hitting N1101.00/$1 and the low at N701.00/$1.
Conversely, the unofficial black market witnessed a 0.85% appreciation, quoting an exchange rate of N1170/$1. Peer-to-peer traders offered rates around N1180/$1, showcasing a disparity from the official market rates. The decision is part of a series of recommendations from the Presidential Fiscal Policy and Tax Reform Committee established by President Bola Tinubu in July.