The Nigerian Foreign Exchange Market (NFEM) recorded a modest gain for the Naira against the US Dollar on October 28, 2025, even as rates in the parallel market remained relatively stable.
Currency traders and businesses are closely watching developments following recent Central Bank of Nigeria (CBN) interventions and policy adjustments aimed at improving liquidity and narrowing the gap between official and unofficial exchange windows.
Official Market Rate
As of Monday afternoon, the official exchange rate stood at ₦1,457.06 per US Dollar, showing a slight appreciation compared to earlier figures that fluctuated between ₦1,457 and ₦1,458.
The NFEM rate serves as a key benchmark for importers, exporters, and businesses requiring regulated access to foreign exchange.
Parallel Market Rate
At the parallel (black) market, rates remained stable, with only minor fluctuations.
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Buying Rate: ₦1,450 – ₦1,460 per $1
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Selling Rate: ₦1,470 – ₦1,480 per $1
Although analysts continue to express concern over the spread between both markets, the narrowing difference suggests the CBN’s rate harmonisation policy is gradually taking effect.
Implications for Nigerians
The closer alignment between the NFEM and parallel market rates signals improved liquidity and transparency in Nigeria’s FX system. However, sustained stability around current levels remains vital for economic planning.
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Importers: Greater rate stability aids in pricing and managing import costs.
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Exporters: A firmer Naira affects the local value of foreign earnings.
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Travellers: With rates converging, access to foreign currency for travel has become more predictable, reducing the appeal of arbitrage.
The trend follows recent positive signs in the broader economy, including an 846% rise in foreign inflows into Nigeria’s stock market, underscoring renewed investor confidence in policy direction.
