Naira Trades Around ₦1,470 at Official Window, ₦1,500 on Parallel Market

The naira held in the mid-₦1,400s range against the U.S. dollar on the official Nigerian Foreign Exchange Market (NFEM) on Friday, October 17, 2025, while the parallel market continued to quote the greenback significantly higher at around ₦1,480 to ₦1,500 per dollar.

This leaves a premium of roughly ₦25 to ₦40 between official and street exchange rates, according to market data and traders’ reports.

At the official window, the Volume-Weighted Average Price (VWAP) — used as the NFEM benchmark rate — hovered between ₦1,470 and ₦1,475 per dollar.
Data from the Central Bank of Nigeria (CBN) and interbank listings also showed the naira trading within the ₦1,460 to ₦1,475 range in recent sessions, maintaining a mid-₦1,400 trajectory through mid-October.

Meanwhile, crowd-sourced exchange rate trackers and informal market monitors, including Abokifx and Aboki data channels, quoted the dollar between ₦1,480 and ₦1,500 on the parallel market.

What’s Driving the Market

Market dealers attributed the persistent gap between both windows to limited dollar supply through official channels, despite fluctuating demand from importers and portfolio investors.

According to analysts, foreign investors offloading local assets and restricted central bank dollar interventions have added short-term pressure on the naira.

Economic Impact

• Importers and corporates: Firms sourcing foreign exchange outside official windows face rising input costs due to higher parallel rates.
• Remittances: Nigerians receiving funds through informal channels may get better naira returns but are exposed to greater rate volatility.
• Consumers: The widening gap continues to exert upward pressure on prices of dollar-linked goods and services across sectors.

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