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The Nigerian Foreign Exchange Market (NFEM) saw the Naira make modest gains against the US Dollar on October 28, 2025, while rates in the parallel market remained largely steady. Currency traders, corporate players, and everyday consumers are watching the evolving situation closely as recent Central Bank policies continue to influence market behaviour.
Official NFEM Exchange Rate
As of the latest update, the Naira trades at roughly ₦1,457.06 per US Dollar in the official NFEM window.
This marks a slight improvement from earlier figures fluctuating between ₦1,457 and ₦1,458, a movement that matters significantly for those depending on regulated foreign exchange access, including import-driven businesses and entities earning or spending internationally.
Parallel Market (Black Market) Exchange Rate
In the unofficial market, where retail currency transactions and cash-based exchanges take place, the Naira is holding steady within a narrow band.
• Buying Rate: Approximately ₦1,450 – ₦1,460 per $1
• Selling Rate: Roughly ₦1,470 – ₦1,480 per $1
The close margin between the official and black market rates continues to draw attention. Analysts note that the reduced spread signals ongoing success in the Central Bank of Nigeria’s efforts to bring both market segments into closer alignment.
