The naira traded weaker on Wednesday as official market and parallel rates diverged, with the Nigerian Foreign Exchange Market (NFEM)/Central Bank of Nigeria (CBN) volume-weighted rate around ₦1,465 per US$1, while parallel-market trackers put the black-market rate near ₦1,490–₦1,495 per US$1.
Analysts and market reports say the gap reflects continued dollar demand from importers and corporate users, limited immediate CBN intervention and shifts in liquidity after recent market operations. Market trackers noted the naira lost ground in the past two sessions as eligible FX users stepped up requests for dollars.
Global and policy context is also relevant. The CBN cut its policy rate in late September as inflation eased — a development market participants say is affecting FX flows and interest-rate differentials that influence demand for dollars.
What does this mean for consumers and businesses? Travellers and importers should expect to see higher cash/parallel rates when buying forex on the street or at non-bank channels.
Vanguard News
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