CBN Reports Stable Naira Against Dollar in October

In early October, the Central Bank of Nigeria (CBN) reported a stable exchange rate for the naira against the dollar, with the Nigerian Foreign Exchange Market (NFEM) quoting the currency at approximately ₦1,329.34 per dollar on October 9. The parallel market rate was around ₦1,385, reflecting a premium of about 4.2%.

This stability provides some relief for businesses and households affected by exchange-rate fluctuations, although the difference between official and parallel market rates continues to impact access to foreign currency. The CBN clarified that the NFEM rate is based on a volume-weighted average of market transactions and is not a fixed dollar price.

The narrow trading range of ₦1,327 to ₦1,332 during early October suggests limited fluctuations, aiding financial planning for businesses and households. However, the CBN noted that a stronger reserve position does not automatically lead to naira appreciation or lower foreign exchange costs for all customers.