Naira To Dollar Today: Naira Holds Firm At Official Window, Hits ₦1,515 On Black Market

24 Oct 2025, 07:06 by Richard Ogunsile · Naija News

The Naira remained stable at the official Nigerian Foreign Exchange Market (NFEM) on Friday, October 24, even as the local currency continued to trade weaker at the parallel (black) market, widening the gap between the two exchange rates.

Naija News reports that at the Investors’ and Exporters’ (I&E) window, the dollar was quoted around ₦1,460 per United States (US) dollar, marking only a slight dip from its levels earlier in the week.

However, on the streets, where cash transactions dominate, the greenback traded between ₦1,495 and ₦1,515/$1, according to dealers in Lagos and other major commercial hubs.

Reports according to Vanguard indicated that some trades were completed as high as ₦1,515/$1, placing the average street rate near ₦1,500/$1.

While importers and corporates transacting through official windows continue to access dollars around the ₦1,460/$1 range, individuals buying or selling cash face the higher parallel market rates, estimated between ₦1,495 and ₦1,515/$1.

This rate difference is raising the cost of remittances, travel expenses, and dollar-priced goods, including imported food, electronics, and auto parts.

Foreign exchange dealers noted that the disparity has become more noticeable as cash demand increases among small traders and travellers.

Naija News reports that the spread between the official and parallel market rates continues to mirror differences in dollar liquidity, access to official supply, and market confidence, analysts said.

Policy actions by the Central Bank of Nigeria (CBN), including interventions at the I&E window and recent monetary tightening measures, have played a key role in keeping the official rate stable despite pressures in the cash market.

Analysts also note that sentiment and speculation remain key drivers in the informal market, especially when access to official dollars is restricted.

Traders and analysts are watching weekly FX turnover, potential CBN interventions, and global dollar movements for fresh market direction.

They say if official dollar supply through the FMDQ/NAFEM platform increases in the coming days, the naira could hold steady or strengthen at the official window.

However, if cash demand remains high and speculative buying continues, the parallel market premium is expected to persist.

“The CBN’s sustained support is keeping the official rate stable for now, but the black market will remain sensitive to cash shortages and investor sentiment,” a financial analyst told newsmen.

The naira has faced sustained pressure in recent months due to increased demand for dollars for imports, tuition payments, and foreign travel.

Despite this, CBN interventions, including foreign inflows, tighter monetary policy, and reforms to unify exchange rates, have helped contain volatility in the official market.

It is speculated that maintaining that stability will depend on the continuity of CBN supply, confidence in monetary reforms, and broader economic indicators such as inflation and oil earnings.