As of October 10, 2025, the naira is still trading lower against the dollar, with official market rates (CBN/NFEM) hovering between ₦1,460 and ₦1,470 per dollar, while the parallel market remains higher, trading around ₦1,500 and above in most cities.
What’s happening?
The official rate from the Nigerian Foreign Exchange Market (NFEM) — which serves as the benchmark for banks and businesses — has remained relatively stable over the past few days. The Central Bank of Nigeria (CBN) currently lists its reference rate at ₦1,470.6/$.
However, in the black market, prices are still higher. Traders in major cities like Lagos and Abuja are buying dollars at around ₦1,480 and selling between ₦1,500 and ₦1,515, depending on availability and location.
Why the difference?
1. Limited dollar supply:
The CBN’s foreign exchange policies and tight liquidity have restricted the flow of dollars through official channels. This has pushed many individuals and small businesses to source forex from the parallel market, where rates are typically higher.
2. Stronger demand on the street:
Many importers, students paying fees abroad, and travelers depend on the black market due to delays or limits in official dollar access. Because of this, demand in the parallel market often rises faster than supply, keeping rates elevated.
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Dollar to Naira exchange rate today, October 6, 2025
What to look out for
CBN interventions: Any move by the CBN to inject more dollars into the market through sales or special FX auctions could help stabilize or strengthen the naira.
Oil earnings and foreign inflows: Increased oil revenue, loans, or export inflows can also boost dollar supply and ease pressure on the naira in both markets.
For now, traders are watching to see if the gap between the official and parallel market rates — currently about ₦30 to ₦50 — will narrow or widen in the coming weeks.
