Dollar to Naira Exchange Rate Today, October 28, 2025 — CBN and Black Market Update

The Nigerian Foreign Exchange Market (NFEM) recorded a moderate appreciation of the Naira against the United States Dollar on October 28, 2025, while the parallel market rate maintained relative stability. This development follows recent interventions and monetary policy adjustments by the Central Bank of Nigeria (CBN) aimed at improving liquidity and narrowing the gap between official and unofficial market rates.

Official Exchange Rate (NFEM)

As of the latest trading update, the official exchange rate in the Nigerian Foreign Exchange Market stands at approximately ₦1,457.06 per US Dollar.

This figure indicates a slight improvement in the Naira’s value compared to previous sessions when rates hovered between ₦1,457 and ₦1,458 per Dollar. Market participants say that the official window remains the primary avenue for importers, exporters, and institutions seeking regulated access to foreign exchange for legitimate transactions.

Parallel Market (Black Market) Rate

In the parallel market, where retail and over-the-counter transactions are conducted, rates have remained fairly steady, reflecting ongoing efforts to stabilize the foreign exchange environment.

• Buying Rate: ₦1,450 – ₦1,460 per $1
• Selling Rate: ₦1,470 – ₦1,480 per $1

The narrow spread between the buying and selling rates suggests that market volatility has eased in recent days. Analysts note that this alignment between the official and parallel markets reflects improved market confidence and the CBN’s commitment to maintaining a unified exchange system.

What the Current Rate Means for Nigerians

The relative stability of the Naira brings mixed implications for various economic groups:

Importers:
A steady exchange rate offers predictability in pricing and helps businesses plan import operations with less exposure to currency risk.

Exporters:
For exporters, a stronger Naira means reduced local returns on foreign earnings, but it also signals a healthier economy and better access to foreign exchange liquidity.

Travellers and Businesses:
Those purchasing foreign currency for international travel or online transactions will experience minimal price differences between official and black-market rates, reducing opportunities for arbitrage.

Broader Economic Implications

The gradual convergence of the official and parallel market exchange rates is viewed as a positive indicator for the Nigerian economy. It suggests that monetary policy reforms are improving transparency, investor confidence, and foreign inflow management.

Stability in the foreign exchange market also helps businesses manage costs, reduces inflationary pressure, and encourages foreign investors to re-enter the Nigerian financial space. Analysts predict that sustained CBN reforms could further strengthen the Naira in the months ahead.

Summary

As of October 28, 2025, the Naira trades at ₦1,457.06/$1 at the official window, while the parallel market rate remains between ₦1,470 and ₦1,480/$1. The ongoing stability reflects renewed confidence in the Nigerian economy and signals progress in government efforts to close the long-standing gap between exchange rate windows.