Dollar to Naira Exchange Rate Today: Black Market & Official Rates (October 31, 2025)

As of Friday, October 31, 2025, the Dollar to Naira exchange rate in Nigeria’s parallel (black) market continues to fluctuate due to tight foreign exchange supply and persistent demand pressure.

Current Dollar to Naira Rates in the Black Market

In the informal market, the United States dollar is being traded at an average buying rate of ₦1,479 and a selling rate of ₦1,490. This means those purchasing dollars will pay around ₦1,490 per dollar, while sellers can expect roughly ₦1,479 depending on location, market demand, and transaction volume.

In comparison, the official market rate (NAFEM) currently stands at approximately ₦1,444 per dollar. This creates a spread of about ₦45 to ₦50 between the official and parallel market rates.

What the Rate Difference Indicates

The continued gap between the official and parallel market rates highlights persistent pressure on Nigeria’s foreign exchange market. High demand for dollars, coupled with limited supply, has led to sustained volatility. This difference also reflects the challenges caused by liquidity constraints, strict government controls, and speculative trading activities.

For importers, travelers, students, and individuals receiving international remittances, the black market rate often serves as the most practical reference point for real-life transactions.

Recent Market Trends

Nigeria’s foreign exchange market has faced prolonged challenges driven by limited dollar inflows, high import demand, and reduced oil revenue. Earlier in August 2025, the parallel market rate rose to nearly ₦1,560 per dollar before easing back to the current ₦1,480 to ₦1,490 range.

The persistence of both an official and a parallel exchange rate system reflects ongoing structural issues within the Nigerian forex market. Although the current rate appears relatively stable, analysts warn that the calm may be temporary, as future volatility remains possible if policy tightening or speculative activity returns.

Outlook for the Coming Weeks

The Naira’s performance in the coming weeks will depend largely on several key factors. These include the level of dollar inflows from oil exports and foreign investment, the volume of remittances from Nigerians abroad, Central Bank of Nigeria (CBN) interventions, and general market sentiment among traders and Bureau de Change operators.

If foreign currency inflows increase, the Naira could gain some strength in November. However, if supply tightens or confidence weakens, the parallel market rate could once again rise above ₦1,500 per dollar.

What to Know Before Exchanging

Anyone planning to exchange dollars today should expect to buy at around ₦1,490 per dollar in major cities such as Lagos, Abuja, and Port Harcourt. Sellers may receive between ₦1,475 and ₦1,480 per dollar depending on the dealer and transaction size.

Rates can vary across different regions and may change several times within the same day. It is always advisable to confirm the latest rates locally before carrying out any foreign exchange transaction.

Although black market rates are not officially recognized by the Central Bank of Nigeria, they continue to represent the most realistic pricing benchmark for many businesses and individuals unable to access dollars through official channels.

In simple terms, the official market rate is approximately ₦1,444 per dollar, while the black market trades around ₦1,479 to ₦1,490 per dollar. The difference of roughly ₦45 to ₦50 highlights the ongoing challenges within Nigeria’s foreign exchange system.

The Naira’s current stability remains fragile and dependent on government policy, market liquidity, and international currency inflows. As Nigeria continues efforts to stabilize its economy, the exchange rate remains one of the most closely monitored indicators of confidence in the financial system.