The Nigerian naira maintained a relatively stable position against the US dollar across foreign exchange markets, with rates in the official and parallel markets showing limited fluctuations.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded at approximately ₦1,329.34 per US dollar. Market data suggests that the official exchange rate has remained within a relatively narrow range of ₦1,327 to ₦1,332 per dollar in the early part of October, amid ongoing monetary policy adjustments and liquidity management efforts by the Central Bank of Nigeria (CBN).
Meanwhile, in the parallel, or black market, the US dollar exchanged at approximately ₦1,385. The difference between the official and parallel market rates reflects persistent demand for foreign currency from retail buyers and other end-users who rely on alternative channels. However, relatively contained price movements have helped limit sharp fluctuations compared with previous quarters.
Financial analysts point to foreign exchange inflows, external reserves and trade-related currency movements as key factors influencing the naira’s performance. While these factors may help support exchange-rate stability, sustained improvement will depend on the consistency of foreign currency supply and overall market demand.
As the final quarter of the year progresses, market participants are expected to monitor foreign exchange turnover, external reserve movements and further CBN policy decisions for indications of the naira’s direction in the coming weeks.
