Naira Holds Firm in Black Market, Appreciates at Official Window on Oct 10

The naira maintained stability against the U.S. dollar on Friday, October 10, in the parallel market while gaining at the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,490/$1 for buying and ₦1,500/$1 for selling — unchanged from Thursday’s closing rate.

At the official window, the local currency appreciated by ₦15.33 to close at ₦1,455.2/$1, up from ₦1,466.7/$1 recorded on Thursday.

Analysts noted that the improvement reflects renewed efforts by the Central Bank of Nigeria to stabilize the market and boost liquidity, but cautioned that persistent dollar shortages, high import demand, and policy uncertainty continue to pose risks to long-term stability.