The naira traded stronger in official trading today while the parallel (black) market remained weaker, underscoring a persistent gap between electronic foreign-exchange markets and street dealers.
At the Daily Nigerian Foreign Exchange Market (NFEM) — the volume-weighted official market rate published for interbank/official transactions — the dollar was trading around ₦1,452.8/US$ on October 30, 2025. This level is in line with recent official-market gains that have seen the naira strengthen from earlier October levels.
Meanwhile, Lagos parallel-market dealers quoted the dollar between ₦1,480 and ₦1,495 — with dealers buying around ₦1,480 and selling up to ₦1,495 — keeping the parallel market roughly ₦25–₦40 weaker than the NFEM rate. The parallel spread remains an important indicator for importers and retail pricing despite improvements in official FX liquidity.
Why the split persists
The Central Bank’s recent policy moves and improved FX liquidity (including activity on electronic matching platforms) have supported official-market stability and appreciation. The CBN trimmed its policy rate in September and signalled careful easing as inflation cools — a backdrop that has helped the naira in EFEM/NFEM trading.
But structural frictions, limited access to official FX for some private sector players, and continued retail demand keep parallel-market activity alive and the sell/buy spread wide. Business-day reporting shows the naira hit record official highs earlier in the week before settling near today’s level.
What this means
Importers and consumers: Import costs and retail prices remain exposed to parallel-market rates when official FX is unavailable — meaning some imported goods and dollar-priced services can still feel costly for consumers.
Investors: Narrowing official rates and clearer monetary policy lend confidence to fixed-income and FX investors, but the official-parallel spread signals remaining market frictions to monitor.
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