Naira Holds Firm in Black Market, Slides at Official Window on Oct 13

The naira maintained stability against the U.S. dollar on Monday, October 13, in the parallel market but weakened slightly at the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,490/$1 for buying and ₦1,500/$1 for selling, unchanged from Friday’s closing rate.

At the official window, however, the local currency depreciated to ₦1,459.15/$1, down from ₦1,455.2/$1 recorded on Friday, reflecting a marginal loss of ₦4.33.

Analysts attributed the mixed performance to ongoing Central Bank interventions aimed at market stability and liquidity improvement, while warning that persistent dollar shortages, strong import demand, and policy uncertainty continue to threaten long-term exchange rate stability.