The Nigerian currency maintained its recent strength on Monday, exchanging at approximately ₦1,466 against the dollar on the Nigerian Foreign Exchange Market while parallel market operators quoted rates around ₦1,450 per dollar, according to AbokiFX data.
The official exchange rate, calculated as a volume-weighted average from interbank transactions, showed continued strength driven by sustained foreign currency inflows and moderate liquidity support. These factors have pushed the dollar to lower levels than those recorded earlier in October.
Street market dealers reported buy and sell rates clustering between ₦1,445 and ₦1,460 throughout Monday’s trading session, based on live black-market data from AbokiFX. The convergence between official and informal market rates has narrowed significantly compared to wider spreads observed in preceding months.
Market observers attributed the naira’s current stability to enhanced foreign exchange availability from export proceeds combined with reduced speculative trading. However, currency analysts cautioned that exchange rate performance remains sensitive to changes in external capital flows and monetary policy interventions by the central bank.
