Naira Exchange Rate Shifts Shock The Market
The Nigerian naira traded around N1,332.10 per dollar at the Central Bank of Nigeria (CBN) official foreign exchange window, following slight shifts in the Nigerian Foreign Exchange Market (NFEM). [1, 2]
Official and Parallel Market Rates
Official Market (NFEM / CBN Window): The indicative exchange rate settled at N1,332.10/$ (weakening slightly by about 33 kobo from N1,331.77/$).
During recent sessions, trading ranged between N1,330.50/$ and N1,332.99/$. [1, 2, 3]
Parallel (Black) Market: The naira traded weaker in the parallel market, hovering around N1,363/$ to N1,360/$, widening the spread between the official and parallel rates to roughly N29–N30 per dollar. [1, 2]
Key Market Details
Turnover: Foreign exchange activity has seen high volatility and elevated volume, with daily turnover crossing the $1 billion mark in early October. [1, 2]
Market Pressures: Analysts note that the naira remains under mild pressure due to continuous demand for international payments, though external reserves and liquidity continue to provide a floor of support.
Parallel (Black) Market: The naira traded weaker in the parallel market, hovering around N1,363/$ to N1,360/$, widening the spread between the official and parallel rates to roughly N29–N30 per dollar. [1, 2]
Key Market Details
Turnover: Foreign exchange activity has seen high volatility and elevated volume, with daily turnover crossing the $1 billion mark in early October. [1, 2]
Market Pressures: Analysts note that the naira remains under mild pressure due to continuous demand for international payments, though external reserves and liquidity continue to provide a floor of support.
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