Nigerian Naira Ends October Strong, Below ₦1,450/$; Analysts Optimistic for November Stability

The Nigerian Naira closed October below ₦1,450/$, marking its best monthly performance since January 2025. The Central Bank of Nigeria's efforts to curb speculation and align market forces have led to a steady appreciation of the local currency.

The official NAFEX rate closed at ₦1,405.92 per dollar, showing a narrowing gap with the parallel market. Despite strong demand for the dollar due to year-end imports, the Naira remains resilient.

Investors are optimistic about continued stability in November, with a focus on CBN's policies regarding dollar supply to manufacturing and exports.