Naira Appreciates Across Markets on Oct 17

The naira strengthened against the U.S. dollar on Friday, October 17, appreciating in both the parallel market and at the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,480/$1 for buying and ₦1,490/$1 for selling — an improvement from Thursday’s closing rate of ₦1,495/$1.

Similarly, at the official window, the local currency appreciated slightly to ₦1,471.0/$1 from ₦1,473.3/$1 recorded the previous day.

Analysts attributed the gains to the Central Bank of Nigeria’s ongoing interventions to enhance market liquidity and stability but cautioned that persistent dollar shortages, strong import demand, and policy uncertainty continue to weigh on long-term exchange rate sustainability.