Dollar to Naira Exchange Rate Today — Official and Black Market Rates (October 10, 2025 Update)

The Nigerian Naira continues to experience mixed performance across both the official and parallel markets, as exchange rate movements remain closely watched by businesses, importers, and forex traders nationwide.

As of Friday, October 10, 2025, data from the Nigerian Foreign Exchange Market (NFEM) and traders in the black market show that the Naira is trading within the ₦1,400–₦1,500 per US dollar range, depending on market segment and city.

Official Market (CBN/NFEM) Rates

At the official window, the Central Bank of Nigeria (CBN) reported a reference exchange rate of ₦1,470.6 per dollar, showing minimal movement compared to previous sessions. The NFEM rate, which serves as the government-approved benchmark for most institutional and interbank transactions, remains relatively stable despite market pressures.

Forex dealers confirm that most banks and large-scale importers continue to transact based on the CBN/NFEM rate, though liquidity constraints and policy adjustments still influence the availability of foreign exchange across sectors.

Parallel Market (Aboki FX) Rates

On the streets and within the informal forex channels, the Naira trades weaker — hovering around ₦1,480 to ₦1,515 per dollar, depending on city and liquidity levels. In Lagos and Abuja, dealers quoted between ₦1,490 (buy) and ₦1,510 (sell) on Friday morning.

The ₦30–₦50 premium between the parallel market and official rates continues to reflect demand pressure from individuals and small-scale importers who rely on black-market sources for quick access to foreign currency.

Reason the Exchange Rate Gap Persists

1. Limited Dollar Liquidity
The Central Bank’s liquidity management and policy interventions have influenced the flow of foreign currency to banks. While the NFEM window provides official rates, many market participants claim that dollar allocations remain insufficient for retail and SME needs, forcing some to turn to parallel channels.

2. Rising Demand for Forex
High demand for foreign currency — driven by import payments, school fees, medical trips, and online transactions — continues to fuel price differences. The parallel market often reacts faster to intraday fluctuations in supply and demand than the regulated CBN window.

3. Market Sentiment and Policy Uncertainty
Recent interest rate adjustments and ongoing reforms in Nigeria’s monetary system have created uncertainty among traders. Investors are monitoring how the CBN’s policies will impact exchange rate stability and inflation in the coming weeks.

Factors to Watch in the Coming Days

– CBN Interventions and FX Auctions
Market watchers are expecting potential CBN interventions to inject liquidity and narrow the gap between official and parallel rates. Regular updates from the FMDQ and NFEM bulletins could influence trading patterns in the short term.

– Crude Oil Revenue and Dollar Inflows
Nigeria’s crude oil earnings remain one of the strongest influences on Naira stability. Any increase in oil prices or foreign inflows from export proceeds, external loans, or remittances could strengthen the Naira across markets.

– External Borrowing and Reserves Position
Analysts also anticipate that Nigeria’s reserve levels and new external funding agreements may determine how much flexibility the Central Bank has to manage the market and sustain FX supply to critical sectors.

Investor Outlook and Market Reactions

Investors remain cautious but optimistic about future forex stability. Many analysts believe that with improved fiscal discipline, consistent policy enforcement, and transparent dollar inflows, the Naira could find a firmer footing before the end of the year.

However, traders advise Nigerians conducting cross-border transactions to monitor both official and parallel market rates daily, as fluctuations continue to affect import costs, online payments, and travel budgets.

Summary of Dollar to Naira Rates (October 10, 2025)

Market SegmentBuy Rate (₦)Sell Rate (₦)TrendCBN / NFEM (Official)₦1,465₦1,470.6StableParallel Market (Aboki FX)₦1,480₦1,515Slightly WeakerBank Rate (Average)₦1,475₦1,490Mixed

What This Means for Nigerians

The wide gap between official and black-market exchange rates affects nearly every sector, from importers to online shoppers. Businesses paying for foreign services or raw materials face higher costs, while individuals sending or receiving international payments must constantly adjust to daily fluctuations.

Economic analysts continue to urge policymakers to address structural issues limiting dollar supply such as low export diversification, capital flight, and weak foreign investment inflows  to ensure long-term Naira stability.

As of October 10, 2025, the Dollar to Naira exchange rate shows continued volatility, reflecting Nigeria’s broader economic pressures and policy realignments. Investors, importers, and individuals are advised to stay updated on official CBN announcements, market bulletins, and oil revenue developments, as these factors remain critical to predicting the Naira’s next direction.