The answer given by @davesnitty will work, but you need to think very carefully about whether the text pattern you're replacing could appear embedded in a longer pattern you don't want to modify. Otherwise you'll find someone's nooking a fire, and that's just weird.
If possible, use a suitable dedicated tool for what you're un-escaping. Got URLEncoded text? use a url decoder. Got XML entities? Process them though an XSLT stylesheet in text mode output. etc. These are usually safer for your data than hacking it with find-and-replace, in that find and replace often has unfortunate side effects if not applied very carefully, as noted above.
It's possible you may want to use a regular expression. They are not a universal solution to all problems but are really handy for some jobs.
If you want to unconditionally replace all instances of "/" with "/", you don't need a regexp.
If you want to replace "/" but not "Ǘ", you might need a regexp, because you can do things like match only whole words, match various patterns, specify min/max runs of digits, etc.
In the PostgreSQL string functions and operators documentation you'll find the regexp_replace
function, which will let you apply a regexp during an UPDATE
statement.
To be able to say much more I'd need to know what your real data is and what you're really trying to do.