Naira Holds Firm in Black Market, Gains at Official Window on Oct 25

The naira held firm against the U.S. dollar on Saturday, October 25, maintaining stability 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 ₦1,485/$1 for buying and ₦1,495/$1 for selling — unchanged from Friday’s closing rate.

At the official window, the local currency strengthened to ₦1,457/$1, gaining ₦3.33 from Friday’s ₦1,460/$1.

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

However, they warned that persistent dollar shortages, strong import demand, and policy uncertainty could still undermine long-term currency stability.

Experts added that the CBN’s improved reserve position enhances its capacity to support the naira and curb speculative attacks, while recent policy actions continue to bolster market confidence.