The naira continued to trade weaker on the street on Thursday as dollar demand outpaced supply, while official market fixings remained noticeably firmer than parallel-market quotes.
Today’s rates:
NFEM / NAFEX (official fixing / interbank): Around ₦1,468–₦1,475 per USD in official windows and NAFEX/NAFEM-related fixings, depending on the trading window quoted.
Online/market-aggregator mid-rates (real-time): Roughly ₦1,490 per USD (platforms such as Wise and exchangerates show values near ₦1,490 today).
Parallel / black-market (street) rates: Reported between ₦1,480 and ₦1,515 per USD today, with common quotes around ₦1,490–₦1,500 in Lagos and other major cities. Several local trackers put the street selling price at ₦1,495–₦1,500 while some kiosks reported intraday highs near ₦1,515.
Why the gap persists
The spread between the official NFEM/NAFEX fixing and the parallel market remains wide because dollar liquidity in formal channels is tight relative to demand from importers, corporates and individuals — a dynamic regularly flagged by market commentators and Reuters reporting. The Central Bank’s liquidity operations, auction cadence and limited foreign inflows have kept formal-window supply constrained, pushing many buyers to the parallel market where rates are higher.
What this means for Nigerians
Importers and corporates who access FX through banks and the NFEM/NAFEX window will generally transact near the official fixing (lower cost), though allocations can be limited and subject to auction outcomes.
Retail customers, travelers and small businesses relying on cash or quick supplies of dollars are likely to find rates between ₦1,480 and ₦1,515 on the street — meaning higher local costs for USD-priced goods and foreign travel.
Market reaction and outlook
Analysts and recent reporting say the naira remains vulnerable to further pressure unless foreign-exchange inflows pick up or the central bank steps up official provisioning. Last week’s macro moves — including interest-rate adjustments and ongoing CBN operations — have helped stabilise some official windows but have not eliminated the parallel-market premium. Market watchers will track tomorrow’s NAFEX fixings, CBN announcements and remittance/portfolio flows for signs of change.
The post Dollar to Naira exchange rate today, October 23, 2025 appeared first on Vanguard News.
