Naira Rebounds, Posts Fresh ₦20 Gain Across FX Markets

The naira appreciated against the U.S. dollar on Thursday, October 30, recording gains in both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,455/$1 for buying and ₦1,465/$1 for selling, compared to ₦1,485/$1 recorded on Wednesday — reflecting a ₦20.33 appreciation.

At the official window, the local currency strengthened to ₦1,444/$1, up from ₦1,448/$1 exchanged the previous day.

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

They, however, warned that lingering dollar shortages, high import demand, and policy uncertainty could continue to pressure long-term currency stability.