The naira opened October on a stronger footing, recording marginal gains across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
In the official market, the naira traded between ₦1,327.68 and ₦1,329.50 per dollar, reflecting continued stability amid improved liquidity conditions. Market data also showed a sharp increase in interbank turnover, which reportedly rose to $179.6 million.
In the parallel market, traders quoted the dollar at about ₦1,370, representing a modest improvement from previous sessions. The movement has further narrowed the gap between the official and parallel exchange rates to approximately ₦40.50 per dollar.
Analysts say the narrowing spread between the official NFEM rate and the parallel-market rate could support greater confidence in the formal foreign-exchange market. A smaller premium may also reduce incentives for speculative hoarding and encourage businesses and individuals to conduct more transactions through the banking system.
