The naira weakened further on Thursday in the parallel market as demand for the dollar continued to outstrip supply, even as official exchange rates stayed more stable.
Exchange rates today:
Official market (NFEM/NAFEX): ₦1,468–₦1,475 per dollar, depending on the trading window.
Online and aggregator platforms: Around ₦1,490 per dollar on sites such as Wise and Exchangerates.
Parallel or black market: Between ₦1,480 and ₦1,515 per dollar, with most Lagos traders quoting around ₦1,495–₦1,500. Some kiosks reportedly sold as high as ₦1,515 during the day.
Why the gap remains:
The wide gap between official and street rates is largely due to a shortage of dollars in the formal market. Importers, companies, and individuals seeking foreign exchange often face limited access through banks, forcing many to turn to the black market where prices are higher. Analysts have also blamed inconsistent supply from the Central Bank of Nigeria (CBN) and low foreign inflows for the ongoing pressure.
Impact on Nigerians:
Businesses and importers using official channels benefit from slightly lower rates but often struggle with limited allocations. Meanwhile, travelers, students, and small business owners who depend on quick access to cash are paying much more in the parallel market — pushing up the cost of imported goods and services.
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Dollar to Naira exchange rate today, October 22, 2025
Outlook:
Experts say the naira’s outlook remains uncertain. Unless dollar inflows improve or the CBN increases market supply, the currency could face more pressure in the coming days. While recent interest rate moves and policy actions have brought some short-term stability, they have yet to close the gap between the official and street markets.
Market observers will be watching upcoming CBN announcements, remittance figures, and Friday’s NAFEX fixing for signs of a possible rebound.
