The naira gained slightly against the US dollar at the official foreign exchange market on Friday, even as black-market rates remained higher — highlighting the ongoing gap between official and parallel exchange windows.
Key Rates (as of Friday):
Official (NFEM/NAFEM, CBN rate): ~₦1,444 per $1
Commercial Banks: Around ₦1,454 per $1
Parallel Market (Lagos): ₦1,490–₦1,495 per $1 (sell) and ₦1,480–₦1,490 (buy), depending on the source and timing.
At the official window, the naira appreciated slightly compared to the previous session, trading around ₦1,444.35/$1. Market analysts attributed the gain to improved foreign inflows and better liquidity management by the Central Bank of Nigeria.
Meanwhile, black-market traders in Lagos continued to sell the dollar in the upper ₦1,400 range, showing a persistent gap between the two markets. The roughly ₦50–₦60 difference between official and parallel rates continues to affect importers, travelers, and small businesses that rely on the informal FX market for transactions.
Recent Trends:
Over the past week, the naira-dollar rate has fluctuated within the mid-₦1,400 range, with noticeable day-to-day swings. These movements have been driven by factors such as foreign capital inflows, central bank interventions, and economic announcements.
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Dollar to Naira exchange rate today, October 30, 2025
What it means for Nigerians:
For importers: A stronger naira at the official window could help reduce import costs, but smaller traders who depend on the parallel market still face higher exchange rates.
For travelers and consumers: Those buying dollars for personal use or travel will likely get more competitive rates in the black market, though such transactions carry higher risks and are not officially recognised.
In summary, while the naira’s firming at the official window suggests improved stability, the wide gap with the black market remains a reminder of underlying FX supply constraints in Nigeria’s economy.
