Dollar to Naira Exchange Rate Today, October 9, 2025 — Latest CBN, Official and Black Market Rates

The Nigerian naira maintained a stable performance in today’s foreign exchange market, as both the official and parallel markets hovered around the mid-₦1,400 range. While the Central Bank of Nigeria (CBN) and the Nigerian Foreign Exchange Market (NFEM) posted steady figures, the black market continued to trade at higher rates — widening the margin that directly affects traders, importers, and families receiving foreign remittances.

Dollar to Naira Rates Today – October 9, 2025

• Official Market (NFEM/VWAP): ₦1,471.36 per $1

• CBN Official Rate: ₦1,469 per $1

• Parallel Market (Black Market/AbokiFX): ₦1,500 sell | ₦1,480 buy

  Related Posts

  • CBN Dollar to Naira Exchange Rate Today, November 5, 2025 — Official & Black Market Prices
  • NYSC Moves to Curb Data Manipulation in Graduate Mobilization
  • FG Launches ₦31 Billion Health Sector Payout and 23,000 New Jobs to End Doctors’ Strike

  • Wale Edun Urges Banks to Expand SME Credit Access and Deepen Nigeria’s Capital Market
  • FG Announces 50 Tax Exemptions and Reliefs to Ease Impact of New Fiscal Reforms

The gap between the official CBN rate and the parallel market now sits between ₦29 and ₦31 per dollar — a key indicator of ongoing dollar scarcity and market segmentation across Nigeria’s forex system.

Why the Naira Is Trading Around This Level

The naira’s relative stability this week is largely due to improved forex supply and the CBN’s recent policy adjustments. Below are some of the major factors driving the current exchange rate trends.

1. CBN Policy and Market Liquidity

The Central Bank’s recent 50 basis point (bps) cut in the Monetary Policy Rate (MPR) — announced in late September — aimed to ease pressure on businesses and improve market liquidity. Analysts believe this move, coupled with improved foreign reserves and moderating inflation, has helped stabilize the official rate around the ₦1,400 band.

2. High Demand in the Parallel Market

Despite CBN efforts, the demand for physical U.S. dollars remains high. Importers, travelers, and individuals making informal remittances continue to source forex from black market operators, driving rates above ₦1,480. Although the gap between the two markets has narrowed slightly, it remains a critical challenge for exchange rate convergence.

Impact of the Current Exchange Rate on Nigerians

The movement of the naira affects every segment of society — from import-dependent businesses to families receiving diaspora remittances. Understanding where and how to exchange dollars can make a significant difference in value received or paid.

Remittances and Families Abroad

Nigerians receiving money from abroad will see a difference in conversion value depending on where they exchange dollars. Those using official banks or CBN-approved channels may receive less than individuals exchanging through parallel vendors. Choosing the right channel can determine whether a $1,000 transfer yields ₦1.47 million or ₦1.5 million.

Importers and Business Owners

Importers and large-scale businesses sourcing goods internationally should keep close watch on the NFEM benchmark rate. This figure determines bulk foreign exchange allocations and has direct impact on product pricing, shipping costs, and market competitiveness. With the naira fluctuating between ₦1,460 and ₦1,480 this week, slight daily changes can affect overall profit margins.

Travelers and Students Abroad

For travelers and students purchasing foreign currency for tuition or flight bookings, the parallel market remains the most accessible — but also the most expensive. At ₦1,500 per dollar, travelers may face higher travel costs than those using official banking channels.

Analysts’ Outlook on the Naira

Economic experts project that the naira may continue to trade within the ₦1,450–₦1,500 range in the short term. The stability depends heavily on consistent CBN intervention, foreign capital inflows, and crude oil export performance. However, any shock in global oil prices or domestic political uncertainty could trigger renewed pressure on the currency.

To sustain this balance, analysts suggest:

• Strengthening export earnings through non-oil sectors

• Encouraging diaspora remittance inflows through official channels

• Increasing transparency in FX allocation to businesses

If these measures are implemented effectively, the gap between the official and black market rates could narrow further before the end of the year.

This Exchange Rate Gap 

For everyday Nigerians, the gap between the official and parallel markets isn’t just an economic statistic — it translates into higher food prices, increased cost of imported goods, and inflationary pressure on local businesses.

For example, an importer who buys at ₦1,500 per dollar instead of ₦1,470 spends ₦30 more for every dollar — which adds up to ₦3 million extra on a $100,000 transaction. Those additional costs often end up reflected in consumer prices.

Foreign Exchange Market Update Summary

Takeaways

• The official naira rate continues to hold steady in the mid-₦1,400s.

• The parallel market rate remains above ₦1,480 due to persistent demand.

• CBN’s liquidity measures and lower benchmark interest rate have reduced volatility.

• Importers, travelers, and remittance receivers should compare rates carefully before transactions.