The naira traded slightly weaker on Tuesday across Nigeria’s FX markets, with official NFEM rate weakening by N2 to N1,457.51/$ and closing the day at N1,460/$, according to data from the Central Bank of Nigeria.
The NFEM rate traded within a band of N1,463.5/$ to N1,448/$.
In the black market, AbokiForex reported quotes around ₦1,490 (Buy) and ₦1,500 (Sell) to $1 depending on city and seller.
NGNRates.com quoted N1,490 (Buy) and N1,510 (Sell) to $1 on Tuesday, an increase from N1,485 (Buy) and N1,500 (Sell) from the previous day.
TradingEconomics’ intraday feed recorded a USD/NGN quote around ₦1,461.36 for the day.
The official rate traded in the mid-₦1,400s on October 14, reflecting only little day-to-day movement in the formal market.
The black market, where much retail dollar demand is settled, the naira remained noticeably higher trading above N1,500 on October 14.
That premium between the official and parallel market continues to reflect persistent retail demand, limited dollar availability at the street level, and ongoing micro-arbitrage between channels.
The foreign reserves, however edged higher, hitting $42.59 billion as at 10th of October, gaining $13.4 million.