The Nigerian currency maintained a relatively stable trajectory across foreign exchange windows, balancing movements between the official and parallel markets.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded within a tight band, hovering around the 1,329.34 naira per US dollar mark.
Market data indicates that official rates have continued to hold steady between 1,327 and 1,332 naira per dollar through the early part of October, supported by consistent monetary policy adjustments and liquidity management by the Central Bank of Nigeria.
Meanwhile, activities in the parallel or black market saw the dollar exchange at approximately 1,385 naira.
The current spread between the official NFEM window and the parallel market reflects ongoing demand pressures from retail end-users and parallel liquidity channels, though overall market stability has kept extreme volatility in check compared to previous quarters.
Credit: Vanguard
Financial analysts note that robust foreign reserves and steady trade flows continue to anchor the local currency within this corridor.
Market participants will continue to monitor foreign exchange turnover and external reserve movements as the final quarter of the year progresses.
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