Naira Falls Against Dollar in Black Market, Stable at Official Window on Oct 8

The naira weakened further against the U.S. dollar on Tuesday, October 8, depreciating in the parallel market while maintaining stability 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 — down from Wednesday’s closing rate of ₦1,495/$1. Similar rates were reported across parallel markets in Lagos, Kaduna, and Kano.

At the official window, the local currency held steady at ₦1,470.6/$1, unchanged from the previous day’s rate.

Analysts attributed the naira’s weakness to reduced dollar inflows, strong import demand, and lingering uncertainty surrounding the Central Bank of Nigeria’s forex policies. They cautioned that without comprehensive reforms to address these imbalances, the currency remains vulnerable despite ongoing efforts to restore market confidence and stability.