The Naira showed surprising steadiness last week, despite both domestic demand pressures and global uncertainties.
From November 3 to 9, the official exchange rate on the Nigerian Foreign Exchange Market (NFEM) moved slightly to ₦1,436–₦1,437 per dollar, down from ₦1,421–₦1,422 at the start of the month, reflecting a mild 1–1.4% depreciation.
Parallel Market Volatility
Importers and fuel marketers continued to drive strong foreign exchange demand, challenging the Central Bank of Nigeria’s (CBN) efforts to stabilise the currency.
In the parallel market, the Naira traded between ₦1,440 and ₦1,470 per dollar by November 8–10, easing from highs of ₦1,485 earlier in the week.
The gap between official and black-market rates narrowed slightly to ₦10–₦30 per dollar, reflecting gradual alignment despite continued cash demand.
Naira
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Analysts expect the Naira to remain largely stable, with a mild depreciation bias.
The official rate may hover between ₦1,435 and ₦1,450 per dollar, while the parallel market could trade between ₦1,455 and ₦1,480.
Through all these pressures, the Naira tells a story of cautious resilience, balancing domestic needs and global uncertainty.
Global Factors At Play
Global developments also shaped sentiment. The US dollar index (DXY) stood at 99.65, supported by optimism over a government shutdown resolution.
Weak US economic data, including Consumer Sentiment falling to 50.3, increased expectations of a December Fed rate cut.
