The naira remained steady over the weekend, holding close to its mid-October levels as both the official and parallel market rates showed little movement.
At the official market, the naira traded around ₦1,460 per US dollar, while on the streets, the exchange rate hovered between ₦1,495 and ₦1,500 per dollar.
Key Rates
Official (I&E / NFEM window): ₦1,460.49 / $1
CBN indicative rate: Around ₦1,458 / $1
Parallel market: Dealers sold dollars for between ₦1,495 and ₦1,515, averaging about ₦1,500 / $1.
Market Overview
At the Investors and Exporters (I&E) window, trading was relatively calm, with the official rate staying in the mid-₦1,400 range. However, street traders continued to quote higher rates due to strong demand for cash dollars and limited supply. This kept the gap between official and parallel market rates wide.
Why the Gap Remains
Experts say the difference stems from a two-tier system: while electronic transactions and interbank transfers are relatively stable, physical dollar availability remains tight. Many small importers, business owners, and travellers still depend on the parallel market, where access is quicker but more expensive.
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Dollar to Naira exchange rate today, October 24, 2025
What It Means
For businesses and importers: Those sourcing dollars from the black market will continue to face higher costs.
For consumers and travellers: Cash exchanges and informal remittances will likely follow the parallel market rate, around ₦1,500 to the dollar.
For policymakers: The gap keeps pressure on the Central Bank of Nigeria (CBN) to introduce more liquidity and find ways to bring both markets closer together.
Overview, the naira’s weekend performance shows some stability — but the persistent difference between official and street rates remains a concern for many Nigerians.
