Naira Gains in Black Market, Steady at Official Window on Oct 27

The naira opened the week with an appreciation against the U.S. dollar on Monday, October 27, gaining in the parallel market while maintaining stability 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, compared to ₦1,495/$1 recorded on Friday — reflecting a slight improvement in value.

At the official window, the local currency remained steady, closing at ₦1,457/$1, unchanged from the weekend’s closing rate.

Analysts attributed the naira’s resilience to sustained interventions by the Central Bank of Nigeria (CBN) aimed at enhancing market liquidity and stabilizing the exchange rate.

However, they cautioned that persistent dollar shortages, strong import demand, and policy uncertainty could still pose challenges to long-term currency stability.