Naira/Dollar rates today, October 23, as naira gains slightly at black market, weakens at official market

The Naira recorded a mild appreciation in the parallel market on Wednesday, exchanging at ₦1,492 per dollar, compared to ₦1,495 per dollar on Tuesday.

However, at the Nigerian Foreign Exchange Market (NFEM), the currency experienced a slight depreciation, trading at ₦1,462 per dollar, weaker than its previous rate of ₦1,464.5 per dollar.

CBN Data Shows Mixed Movement

According to data released by the Central Bank of Nigeria (CBN), the naira gained ₦2.5 at the official window.

The slight improvement reflects ongoing fluctuations in market dynamics influenced by demand and supply pressures.

Exchange Rate Gap Narrows

Following these movements, the difference between the parallel market and official exchange rates narrowed to ₦30 per dollar, down from ₦35.5 per dollar recorded on Tuesday.

Market analysts attributed the modest recovery in the black market to reduced demand for foreign currency and increased confidence following recent CBN interventions aimed at stabilising the naira.

Analysts Urge Sustained Policy Measures

Experts, however, cautioned that short-term gains might not be enough to guarantee long-term stability unless the federal government continues implementing policies that boost dollar inflows and strengthen investor confidence.