Naira Appreciates Across Markets on Oct 28

The naira appreciated against the U.S. dollar on Tuesday, October 28, recording gains 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 ₦1,475/$1 for buying and ₦1,485/$1 for selling, compared to ₦1,490/$1 recorded on Monday — reflecting a slight improvement in value.

At the official window, the local currency also strengthened to ₦1,452/$1, up from ₦1,457/$1 exchanged over the weekend.

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.