Naira Slides in Black Market, Appreciates at Official Window on Nov 3

The naira opened the month of November with a mixed performance against the U.S. dollar on Monday, November 3, recording a slight decline in the parallel market while appreciating at the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,445/$1 for buying and ₦1,455/$1 for selling, compared to ₦1,450/$1 on Friday—reflecting a ₦5.33 depreciation.

In contrast, the local currency strengthened to ₦1,421/$1 at the official window, up from ₦1,436/$1 exchanged over the weekend.

Analysts attributed the naira’s rebound at the official market to continued interventions by the Central Bank of Nigeria (CBN) aimed at boosting liquidity and stabilising the exchange rate.

They, however, cautioned that persistent dollar shortages, strong import demand, and policy uncertainties could continue to pressure long-term currency stability.