Naira/Dollar rates today, October 22, as Naira stays steady in official & black markets
The Nigerian naira maintained a narrow trading range across both official and parallel markets on Wednesday, showing signs of relative stability.
According to data from the Daily Nigerian Foreign Exchange Market (NFEM/NAFEX), the dollar was fixed at about ₦1,468 per $1. Meanwhile, in the parallel market, the greenback traded between ₦1,480 (buy) and ₦1,495 (sell).
Naira Holds Steady Amid Improved Liquidity
Dealers said market activity remained calm following modest gains recorded by the naira earlier in October.
Liquidity in official trading windows has slightly improved in recent weeks, keeping NFEM rates within the upper ₦1,400 range — still below black market prices.
Analysts believe recent policies by the Central Bank of Nigeria (CBN) and easing inflation have helped steady the currency.
In September, the CBN reduced its benchmark interest rate, signalling a shift toward a more relaxed monetary stance after months of tightening.
This adjustment has helped reduce volatility in the foreign exchange market.
However, limited dollar supply and continued demand from importers and retail buyers have kept the parallel market premium in place.
Why the Rate Gap Persists
The official NFEM/NAFEX rates come from electronic interbank transactions and dealer submissions, which the CBN and FMDQ verify daily.
In contrast, parallel market rates are influenced by retail cash demand and can diverge when official liquidity is low or when banks restrict FX access for private customers.
This explains the ₦15–₦30 gap between the official rate and the street price on October 22.
Impact on Nigerians and Businesses
Importers and large firms using official channels will continue to trade around ₦1,468 per dollar, while individuals dealing in physical cash are likely to face higher rates of ₦1,480–₦1,495 in the parallel market.
Experts recommend that traders and businesses closely watch the CBN’s liquidity measures and daily FMDQ/NAFEX trading flows to make informed FX decisions.
