Naira Holds Steady Across FX Markets

The naira has remained relatively stable across Nigeria’s official and parallel foreign exchange markets on Friday.

At the official window, the dollar traded at about N1,328.17. The rate remained close to the Central Bank of Nigeria’s (CBN) reference rate of N1,329.16. The movement points to limited changes in the official market. It also reflects ongoing adjustments in foreign exchange liquidity.

Meanwhile, the parallel market recorded higher dollar rates. The dollar was bought at about N1,375 and sold for as much as N1,390. This left a noticeable gap between the official and parallel markets.

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Naira Opens at 1,339/$ in Official Market — Naira and Dollar notes. Credit: Daily Post.

However, the naira’s overall movement remained relatively stable across both markets. Recent market data has also shown only modest movements in the official exchange rate.

On October 1, the naira traded at about N1,329.50 per dollar in the Nigerian foreign exchange market. The parallel-market rate stood at about N1,370 per dollar that day. The difference between the two markets was about N40.50.

Market rates can vary by location, dealer and transaction size, particularly in the parallel market.

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Deborah Akwa

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