The Nigerian Foreign Exchange Market (NFEM) recorded a strengthening of the Naira against the US Dollar on October 28, 2025, while the parallel market rate maintained a relatively stable position. Currency traders and businesses are closely monitoring the market dynamics following recent CBN interventions and policy adjustments.
Official NFEM Rate (Nigerian Foreign Exchange Market)
As of the latest reporting time today, the official exchange rate in the NFEM stands at approximately ₦1,457.06 per US Dollar.
This figure represents a slight appreciation for the Naira compared to figures recorded in the preceding hours, hovering around the ₦1,457 to ₦1,458 mark. Market activity at the official window is key for importers, exporters, and those with regulatory demand for foreign exchange.
Parallel Market (Black Market) Rate
The unofficial or parallel market, which services retail and over-the-counter demands, reflects a different rate, though stability seems to be the current trend.
Buying Rate: Market sources indicate the parallel market dollar to naira buying rate is currently around ₦1,450 to ₦1,460 per $1.
Selling Rate: The selling rate for the dollar in the black market is reported to be around ₦1,470 to ₦1,480 per $1.
The spread in the parallel market remains a point of concern for analysts, although the current rates suggest it is closely aligned with the NFEM rate, indicating a continuation of the Central Bank of Nigeria’s strategy to narrow the gap between the two windows.
What This Means for Nigerians
The convergence of the official and parallel market rates is a positive sign for the economy, suggesting improved liquidity and transparency in the official window. However, the overall stability around the current rate remains crucial for planning:
Importers: FX costs are a primary concern, and stability helps in pricing goods.
Exporters: A stable, strong rate impacts the Naira value of their foreign earnings.
Travellers: Those purchasing Dollars for international travel will find rates close to the NFEM rate, reducing arbitrage opportunities.
The post Dollar to Naira exchange rate today, October 28, 2025 appeared first on Vanguard News.
