The Naira held steady at the official Nigerian Foreign Exchange Market (NFEM) on Friday, October 24, while remaining weaker on the parallel (black) market.

At the NFEM, which serves as the Investors and Exporters (I&E) window, the US dollar was quoted around ₦1,460/$1, showing mild intraday movement and relative stability compared to earlier in the week.

However, on the parallel market, also known as the black market, dealers in Lagos and other major cities quoted the greenback between ₦1,495 and ₦1,515/$1, with most cash transactions averaging around ₦1,500/$1.

This means individuals buying or selling physical dollars continue to face higher rates than importers and corporations transacting through official channels. The gap between official and street rates underscores persistent differences in liquidity, access to dollar supply, and market sentiment.

Analysts attribute the Naira’s stability at the NFEM to sustained Central Bank of Nigeria (CBN) interventions and tighter monetary policy measures aimed at improving confidence in the official market.

They, however, warn that strong cash demand in the informal market could keep the parallel market premium in place unless dollar inflows through the official window improve significantly.

Traders will be watching next week’s FX turnover data, CBN interventions, and global dollar trends for cues on the short-term direction of the exchange rate.