2 weeks ago
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The naira continued to commercialized weaker connected the thoroughfare connected Thursday arsenic dollar request outpaced supply, portion authoritative marketplace fixings remained noticeably firmer than parallel-market quotes.
Today’s rates:
NFEM/NAFEX (official fixing / interbank): Around ₦1,468–₦1,475 per USD successful authoritative windows and NAFEX/NAFEM-related fixings, depending connected the trading model quoted.
Online/market-aggregator mid-rates (real-time): Roughly ₦1,490 per USD (platforms specified arsenic Wise and exchangerates amusement values near ₦1,490 today).
Parallel / black-market (street) rates: Reported between ₦1,480 and ₦1,515 per USD today, with communal quotes around ₦1,490–₦1,500 successful Lagos and different large cities. Several section trackers enactment the thoroughfare selling terms at ₦1,495–₦1,500 portion immoderate kiosks reported intraday highs near ₦1,515.
Why the spread persists
The dispersed betwixt the authoritative NFEM/NAFEX fixing and the parallel marketplace remains wide due to the fact that dollar liquidity successful ceremonial channels is choky comparative to request from importers, corporates and individuals — a dynamic regularly flagged by marketplace commentators and Reuters reporting. The Central Bank’s liquidity operations, auction cadence and constricted overseas inflows person kept formal-window proviso constrained, pushing galore buyers to the parallel marketplace wherever rates are higher.
What this means for Nigerians
Importers and corporates who entree FX done banks and the NFEM/NAFEX model volition mostly transact adjacent the authoritative fixing (lower cost), though allocations tin beryllium constricted and taxable to auction outcomes.
Retail customers, travelers and tiny businesses relying connected currency oregon speedy supplies of dollars are apt to find rates between ₦1,480 and ₦1,515 connected the street — meaning higher section costs for USD-priced goods and overseas travel.
Market reaction and outlook
Analysts and caller reporting accidental the naira remains susceptible to further unit unless foreign-exchange inflows prime up oregon the cardinal slope steps up authoritative provisioning. Last week’s macro moves — including interest-rate adjustments and ongoing CBN operations — have helped stabilise immoderate authoritative windows but person not eliminated the parallel-market premium. Market watchers volition way tomorrow’s NAFEX fixings, CBN announcements and remittance/portfolio flows for signs of change.
The station Dollar to Naira speech complaint today, October 23, 2025 appeared archetypal connected Vanguard News.
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