The naira traded stably in formal FX windows today while the parallel (black) market remained higher, according to official publications and market trackers.
Official / NFEM (CBN VWAP): Market publications and the Central Bank of Nigeria’s NFEM bulletin show the official, volume-weighted average NFEM fixing published by the CBN as the reference for corporate and bank transactions. The CBN publishes the daily NFEM fixing on its exchange-rates page.
Mid-market / online converters: Currency aggregators reported a mid-market USD/NGN rate around ₦1,483 / $1 on October 27, 2025.
Parallel / black market: Street/parallel rates quoted between ₦1,485 and ₦1,500 / $1 in Lagos today, with several popular black-market trackers showing values in that range.
What happened today
The Central Bank’s NFEM remains the primary official reference — it reports a daily volume-weighted average (VWAP) that corporates, importers and banks use for settlement and reporting. Market monitors continue to use that CBN NFEM fixing as the official benchmark.
Retail and cash trading on the parallel market continued to price dollars at a premium to the NFEM/NAFEX/I&E windows, reflecting tighter cash dollar availability for individuals and small businesses.
Price trackers and FX data services showed the mid-market rate near ₦1,480–₦1,490 today — a region consistent with the recent week’s trading and an environment of improved FX liquidity following central-bank actions earlier in the quarter.
Why the difference matters
There are multiple official and market FX channels in Nigeria: the CBN’s NFEM fixing (VWAP) and exchange windows such as FMDQ/NAFEX/I&E are used for larger, banked flows; the parallel market reflects immediate cash demand/supply and is usually higher because it is unregulated and driven by retail cash needs. The spread between official windows and the parallel market affects importers, exporters, remittance recipients and ordinary consumers.
Market context and outlook
Analysts point to improved FX liquidity and easing inflationary pressure as reasons the naira has shown relative stability this month; the Central Bank’s actions and stronger reserves have helped narrow extreme volatility observed earlier in 2025. Still, the parallel market premium persists because of uneven dollar distribution across segments. Reuters and FT reporting on recent policy moves and interest-rate adjustments provide useful context for traders.
Practical takeaways
Importers / corporates: Plan FX needs against the NFEM/NAFEX closing as your benchmark; live FMDQ/NAFEX quotes (where available) are the best guide for settlement.
Individuals / cash transactions: Expect to pay the parallel-market premium for immediate cash dollars; compare multiple local quotes before transacting.
Remitters / exporters: Monitor FMDQ/NAFEX and bank channels for best execution — aggregators and bank platforms often show the most competitive rates for electronic flows.
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