Naira Closes October Strong with ₦15 Gain Across Markets on Oct 31

The naira ended October on a positive note, appreciating by ₦15.33 against the U.S. dollar on Friday, October 31, with gains recorded in both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,440/$1 for buying and ₦1,450/$1 for selling, compared to ₦1,465/$1 on Thursday — reflecting a ₦15.33 appreciation.

At the official window, the local currency strengthened to ₦1,436/$1, up from ₦1,444/$1 exchanged the previous day.

Analysts attributed the naira’s rebound to continued interventions by the Central Bank of Nigeria (CBN) to enhance market liquidity and stabilize the exchange rate.

However, they cautioned that persistent dollar shortages, strong import demand, and policy uncertainties could still threaten long-term currency stability.