The naira maintained relative stability across Nigeria’s foreign exchange markets, with rates varying between the official and parallel market windows.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded at approximately ₦1,329.34 per US dollar. Market data indicated that the official exchange rate remained within the range of ₦1,327 to ₦1,332 per dollar in early October, supported by monetary policy adjustments and liquidity management by the Central Bank of Nigeria (CBN).
Meanwhile, the dollar exchanged for approximately ₦1,385 in the parallel, or black, market.
The difference between the official NFEM rate and the parallel market rate reflects continued demand pressures from retail buyers and alternative foreign exchange channels. However, overall market conditions have helped limit sharp fluctuations compared with previous quarters.
Financial analysts noted that relatively strong foreign reserves and steady trade flows continued to support the naira within this range.
Market participants are expected to monitor foreign exchange turnover and movements in external reserves as the final quarter of the year progresses.