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Naira Steadies at ₦1,460 Official Rate as Parallel Market Trades Around ₦1,500 — October 25, 2025
The naira remained stable at ₦1,460 per dollar on the official market and around ₦1,500 on the parallel market on October 25, 2025, as limited retail dollar supply sustained the gap between both markets.
The naira maintained relative stability on Saturday, October 25, 2025, hovering near mid-October levels as official exchange rates stayed around ₦1,460 per US dollar, while the parallel market continued to trade notably weaker, averaging ₦1,495–₦1,500/$1.
Key Exchange Rates:
- NFEM / Investors & Exporters (I&E) Window: ₦1,460.49 / $1
- CBN Indicative Rate: Around ₦1,458 / $1
- Parallel (Black) Market: Dealers quoted between ₦1,495 and ₦1,515/$1, with most street traders selling at ₦1,500/$1 and buying around ₦1,485/$1.
Market Developments:
Data from the NFEM/I&E window — where banks and market platforms report official foreign exchange activity — showed a mild intraday weakening of the dollar from earlier in the week, keeping the official benchmark within the mid-₦1,400 range.
In contrast, parallel market operators continued to face tight retail dollar supply and strong cash demand, sustaining the spread between the official and street market rates.
Why the Gap Remains:
Analysts attribute the persistent difference to Nigeria’s dual-speed FX market. While the official interbank and electronic windows absorb institutional flows and trade-related inflows, access to physical dollars remains constrained for individuals and small businesses.
This limited availability at the retail level — combined with continued demand from importers, travellers, and informal remittance users — keeps parallel market prices elevated, even as the official rate remains steady.
Implications:
- For Businesses and Importers: Companies sourcing cash dollars from parallel markets face higher costs, affecting import prices and margins.
- For Consumers and Travellers: Dollar purchases and informal remittances are priced closer to ₦1,500/$1, not the official ₦1,460 rate.
- For Policy Observers: The sustained gap will keep focus on the Central Bank of Nigeria (CBN) and its efforts to improve FX liquidity and harmonize rates across market segments.
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