The naira has kept a fairly steady course across the foreign exchange windows, with movements balanced between the official and parallel markets.

At the Nigerian Foreign Exchange Market, the local currency traded within a narrow band, hovering near ₦1,329.34 per US dollar.

Market data shows that official rates have held between ₦1,327 and ₦1,332 per dollar through the early part of October. This has been supported by consistent monetary policy adjustments and liquidity management by the Central Bank of Nigeria.

In the parallel, or black, market, the dollar exchanged at about ₦1,385.

The gap between the official NFEM window and the parallel market reflects continued demand pressure from retail end-users and parallel liquidity channels. Even so, overall market stability has kept extreme volatility in check compared with previous quarters.

Financial analysts say strong foreign reserves and steady trade flows continue to anchor the naira within this corridor.

Market participants are expected to keep watching foreign exchange turnover and external reserve movements as the final quarter of the year unfolds.