Dollar to Naira Exchange Rate Today, October 7, 2025 — Official and Black Market Rates

As of Tuesday, October 7, 2025, the naira showed modest depreciation in the official market and remained under pressure in the black market. Below are the official selling rates for major currencies compared with Monday, October 6, 2025, and the corrected black market figures as of 6:29 PM.

Official Selling Rates (Today vs. Yesterday)

The figures indicate a slight depreciation of the naira against all major currencies, showing continued pressure in the foreign exchange market.

Black Market (Parallel) Rates — Updated

Here are the corrected black market rates for Tuesday, October 7, 2025 (6:29 PM):

• 1 USD ⇛ ₦1,496.98

• 1 GBP ⇛ ₦2,012.99

• 1 EUR ⇛ ₦1,747.57

• 1 CAD ⇛ ₦1,072.95

Black market rates tend to vary by location, especially in major trading hubs such as Lagos, Abuja, Kano, and Port Harcourt. Always compare rates from trusted exchangers before any transaction.

Market Analysis

The official market shows a gradual depreciation, with the naira losing about 0.33% against the dollar compared to the previous day. The difference between the official and black market rates has widened, with the dollar selling for ₦1,472.85 officially and ₦1,496.98 in the black market. This reflects liquidity shortages and higher demand for foreign currency by importers, travelers, and investors.

The British Pound rose sharply by ₦26.90 from Monday, a 1.38% increase. The Euro and Canadian Dollar also appreciated slightly, signaling sustained weakness of the naira across multiple currencies.

Factors Influencing Today’s Rates

1. Forex Supply and Demand: Nigeria’s limited forex supply due to lower oil revenues and reduced investor inflows continues to affect market stability.

2. CBN Policy Actions: Central Bank interventions often help control volatility but have limited reach across informal markets.

3. Inflation and Import Costs: Rising inflation and high import dependency drive persistent demand for foreign currency.

4. Speculative Activities: Traders hoarding dollars in anticipation of further depreciation are also putting pressure on the naira.

Impact on Nigerians

• Importers: Higher exchange rates mean increased prices for imported goods.

• Students and Travelers Abroad: Costs for tuition, visa fees, and travel expenses are likely to rise.

• Exporters and Freelancers: Those earning in foreign currencies benefit from higher conversion rates.

Tips to Get the Best Exchange Rate

• Check daily updates from verified financial platforms before trading.

• Use only authorized Bureau De Change operators or bank-approved forex dealers.

• Avoid panic buying of foreign currency; rates fluctuate daily.

• Compare offers across different exchangers to secure a better deal.

Summary

The Dollar to Naira exchange rate today, October 7, 2025, highlights continued pressure on the naira in both the official and black markets. The official rate stands at ₦1,472.85 per dollar, while the black market rate has climbed to ₦1,496.98 per dollar. The widening gap underscores the ongoing challenges in Nigeria’s foreign exchange system.