/ May 15, 2026
/ May 15, 2026

Dollar to Naira exchange rate for October 24, 2025

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The naira held firm at the official Nigerian Foreign Exchange Market (NFEM) fixing while continuing to trade weaker on the parallel (black) market on Friday.

At the NFEM (Investors & Exporters window) the US dollar was quoted near ₦1,460/$1, reflecting a modest intraday dip from earlier levels this week.

Meanwhile, the parallel market where retail cash dollars change hands  remained notably higher. Dealers in Lagos and other commercial centres quoted the greenback between₦1,495 and ₦1,515/$1, with reports saying some transactions were occurring as high as ₦1,515. That places the street average roughly around ₦1,500/$1.

What this means for businesses and consumers

Importers and corporates operating through official windows will generally see rates close to the NFEM fixing (≈₦1,460).

Individuals buying or selling cash on the streets face the higher parallel rates (≈₦1,495–₦1,515), increasing the cost of remittances, travel and dollar-priced goods.

Why the gap persists

The spread between the NFEM fixing and the parallel market continues to reflect differences in liquidity, access to official dollar supply and market sentiment. Policy moves by the Central Bank of Nigeria (CBN) — including interventions and recent monetary policy shifts — remain key influences on the official rate and market confidence. Analysts say continued central bank support for official windows has helped stabilise the NFEM fixing even as cash demand keeps parallel rates elevated.

Market outlook

Traders and analysts will watch weekly FX turnover, any fresh CBN dollar interventions and global dollar moves for cues. If official dollar supply through FMDQ/NAFEM increases, the NFEM fixing could stay stable or strengthen; conversely, persistent high cash demand could keep the parallel market premium in place.

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