The naira recorded a notable gain of N33.50 against the dollar in the official foreign exchange market in October, supported by rising external reserves which climbed to $43.17 billion during the month.
Data released by the Central Bank of Nigeria (CBN) showed that the naira ended the month at a record high of N1,421.73 per dollar on Friday, marking its fourth consecutive all-time strong level since the introduction of the Nigerian Foreign Exchange Market (NFEM) under the Electronic Foreign Exchange Management System (EFEMS). This represented a month-on-month appreciation of 2.4 percent compared to the N1,455.23 quoted at the beginning of the month.
On a daily trading basis, the naira appreciated by N15.24 or 1.07 percent from N1,436.97 quoted on Thursday, showing sustained demand moderation and improved liquidity in the FX market. Over the course of the week, the currency gained 2.18 percent or N31.06, strengthening from N1,452.79 per dollar on Monday to N1,421.73 on Friday.