In Nigeria’s informal or “black”/parallel market, the US dollar is being quoted at approximately ₦1,490 (sell) and ₦1,479 (buy) for ₦1 = US$1 as of Friday, October 31, 2025.
Key numbers & market spread
Sell rate: ₦1,490 per US$1 (What you pay if you purchase dollars) in Lagos and similar hubs.
Buy rate: ₦1,479 per US$1 (What the dealer is willing to pay you for dollars) in the parallel market.
By contrast, in the official market (the Central Bank of Nigeria-derived VWAP/NAFEM window) the rate stands around ₦1,444 per US$1.
The spread between the official and parallel market rates is thus about ₦45–₦50 per dollar (₦1,490 minus ₦1,444) — signalling enduring pressure in the informal FX space.
What this means
The higher cost in the black market suggests liquidity constraints, stricter controls, or the higher risk premium demanded by informal dealers.
For importers, travellers, and Nigerians holding USD cash or receiving remittances, the parallel market rate remains significantly worse off than the official window.
The size of the spread is a barometer of market stress and signals how much the official rate may be detached from actual demand in the economy.
Background & trend
The naira has been grappling with external pressure, FX supply shortages and demand from different channels (imports, diaspora flows, speculation). For example, earlier in August 2025 the parallel market rate had slipped to around ₦1,560 per US$1.
The existence of a dual-rate environment (official vs parallel) has been persistent in Nigeria, reflecting structural FX market segmentation.
The relatively stable quote of ₦1,480–₦1,490 contrasts with much larger spreads seen in past years, which could indicate modest stabilisation — though risks remain.
Outlook
The parallel rate will remain sensitive to dollar inflows, oil revenue receipts, official FX interventions, and speculative sentiment.
Any tightening of dollar supply (via policy, BDC closure or FX restrictions) could push the parallel rate higher again.
Conversely, increased supply of USD (via remittances, oil receipts, or central bank auctions) may ease the rate towards lower levels.
What you should note
If you are buying USD in Lagos or other major hubs today, expect to pay around ₦1,490 per dollar — unless you negotiate a slightly better rate.
If you are selling dollars, you may receive around ₦1,479 per dollar, though rates vary by seller, location and quantity.
Always verify rates locally: Parallel market rates can diverge by region (Lagos vs Abuja vs Kano) and may move intra-day.
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