Naira Remains Stable Across Markets on Oct 6

The naira held steady against the U.S. dollar on Monday, October 6, maintaining its value in both the parallel market and at the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,480/$1 for buying and ₦1,490/$1 for selling, unchanged from Friday’s closing rate. In Lagos, Kaduna, and Kano, the exchange rate also remained flat at ₦1,460/$1, mirroring previous rates.

At NAFEM, the local currency closed at ₦1,465.7/$1, showing no change from Friday’s trading.

Analysts noted that the continued stability masks deeper challenges within Nigeria’s forex framework, including dollar scarcity, speculative trading, and policy uncertainty at the Central Bank of Nigeria. They warned that without structural reforms to address underlying market imbalances, the naira remains vulnerable despite ongoing interventions to restore confidence and stability.