28.10.24 – Dollars to Naira Exchange Rate

Nigerian naira weakened by 0.12% against the US dollar in the parallel market, on October 25, 2024, trading at N1,730/$1—a marginal decline of N2 from the previous rate of N1,728.

This marks the second consecutive day of depreciation after a 0.58% appreciation on October 23, when the naira traded at N1,725/$1.

Meanwhile, the naira reversed a three-day depreciation streak in the Investors and Exporters (I&E) window, closing at N1,601.20/$1—a 3.30% improvement from the prior close of N1,654.09.

Since October 15, the naira has consistently traded above the N1,600 threshold in this official market.

The gap between the parallel market rate and the official rate widened to N128.80, up from the previous day’s difference of N73.91. Additionally, data from NAFEM showed a 69% surge in forex transactions, totaling $230.99 million compared to $136.68 million previously.