As of Friday, October 31, 2025, the US dollar is trading around ₦1,490 (sell) and ₦1,479 (buy) in Nigeria’s parallel or black market, reflecting ongoing pressure on the naira outside the official exchange window.
Key Figures
Sell rate: ₦1,490 per $1 — the price buyers pay for dollars in places like Lagos and other key trading spots.
Buy rate: ₦1,479 per $1 — what dealers offer if you’re selling dollars.
Official rate (NAFEM window): Around ₦1,444 per $1.
This means there’s a ₦45–₦50 gap between the official and parallel market rates, showing the persistent difference between both markets.
Why It Matters
The higher black-market rate highlights ongoing liquidity issues, stricter FX controls, and the premium demanded by informal dealers due to higher risks.
For importers, travelers, and Nigerians relying on dollar cash or remittances, the parallel market remains more expensive and harder to navigate than the official window.
The size of this gap is often a signal of how stressed the foreign exchange system is — the wider it gets, the more disconnected the official rate becomes from real demand.
Background
Over the past months, the naira has faced pressure from foreign exchange shortages, rising import demand, and speculative trading.
Back in August 2025, the black-market rate had touched around ₦1,560 per dollar, showing that the recent ₦1,480–₦1,490 range may represent some short-term stability — though the market remains fragile.
The dual-rate system (official vs. parallel) has persisted for years in Nigeria, reflecting deep structural issues in the country’s FX market.
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Dollar to Naira exchange rate today, October 31, 2025
Outlook
The parallel market rate will continue to react to changes in dollar inflows, oil revenues, CBN interventions, and public sentiment.
If dollar supply tightens — through new restrictions or BDC clampdowns — rates could climb higher. But more inflows from oil sales, remittances, or central bank support might ease pressure on the naira.
For Everyday Users
If you’re buying dollars in Lagos today, expect to pay around ₦1,490 per dollar.
If you’re selling, you’ll likely get around ₦1,479, though prices can vary slightly depending on location and timing.
Always confirm rates locally, as parallel market prices can differ between Lagos, Abuja, and other cities — and may change multiple times a day.
