Naira Gains in Black Market, Slides at Official Window on Oct 15

The naira appreciated against the U.S. dollar on Wednesday, October 15, in the parallel market but slipped slightly 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, improving from Monday’s closing rate of ₦1,500/$1.

At the official window, the local currency depreciated to ₦1,463.2/$1 from ₦1,459.2/$1 recorded on Monday, reflecting a marginal loss of ₦4.33.

Analysts attributed the mixed performance to the Central Bank of Nigeria’s ongoing interventions to enhance market stability and liquidity, but warned that persistent dollar scarcity, strong import demand, and policy uncertainty continue to weigh on long-term currency stability.