Economy

After seven days of consistency, Naira falls again

Published

1 month ago

October 4, 2025

Admin

The Naira recorded its first depreciation in more than a week, closing at N1,469/$1 on Friday, October 3, 2025.

This comes after the currency had maintained steady gains, with Thursday’s rate of N1,464.85/$1, which is the currency’s strongest performance so far this year.

Data published on the Central Bank of Nigeria (CBN) website shows that the naira’s latest slip ended a streak of resilience that began after September 23, 2025, when it weakened to N1,493.2/$1, down from N1,491.49/$1 the previous day.

Despite Friday’s slight depreciation, the naira’s overall performance in recent weeks has been relatively positive.

Recall that, on September 30, the currency closed at N1,478/$1, representing a sharp rally from its opening level of N1,527.9/$1 at the start of the month.

During the week, the external reserves rose to $42.4 billion, up from $42.3 billion recorded at the end of September 2025.

According to the CBN data, the reserve has been on an upward swing since the 14th of July 2025.

The closest the external reserve has gotten to the present figure was on September 27, 2019, when it hit $41.992 billion.

Some currency traders attribute the naira’s recent stability to the CBN’s sustained intervention in the foreign exchange market, alongside measures aimed at curbing speculative trading and boosting dollar inflows.

In his 65th Independence Day address, President Bola Tinubu restated his administration’s commitment to sustaining forex reforms. He said, “The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.”

The CBN Governor, Olayemi Cardoso, earlier echoed this commitment.

He highlighted the CBN’s overarching monetary policy objective of taming inflation and driving it down to single digits, a goal.

In December 2024, President Tinubu, during his budget presentation speech, said the 2025 budget was based on the projections that inflation would decline from the current rate of 34.6 per cent to 15 per cent, while the exchange rate would improve from approximately 1,700 naira per US dollar to 1,500 naira.

Several experts expressed doubts about President Tinubu achieving the targets.

In September, CBN reduced the MPR by 50 basis points, lowering it from 27.5 per cent to 27 per cent.

Alongside the MPR cut, the MPC narrowed the asymmetric corridor around the benchmark rate to +250 and -250 basis points, from the previous +500/-100 basis points.

The Committee retained CRR for commercial banks at 45 per cent, while that of merchant banks was set at 16 per cent.

Economy

See Dollar to Naira Exchange rate today, November 10, 2025

Published

20 hours ago

November 10, 2025

ADMIN

Nigeria’s official Daily Foreign Exchange Market (NFEM) rate opened the week around ₦1,436–₦1,437 to the US dollar on Monday, November 10, 2025, while the parallel (black/BDC) market continued to trade the dollar roughly between ₦1,450 and ₦1,470 depending on location and dealer.

Key figures

NFEM/official (volume-weighted average): about ₦1,436–₦1,437 per $1.

Parallel/BDC (reported ranges): buy ₦1,450–₦1,458; sell ₦1,460–₦1,470.

What happened today
The official FX window — the Daily Nigerian Foreign Exchange Market (NFEM) — remained close to the mid-₦1,430s, reflecting steady dollar inflows from exporters and remittances that kept official liquidity intact. At the same time, dollar demand in cash-heavy city BDC markets pushed parallel-market quotes higher, producing the persistent spread between the official and street rates.

Why the gap persists
Analysts point to a mix of structural and cyclical factors: the end of subsidy-related pressures, improved dollar inflows linked to higher non-oil earnings, and recent policy moves by the Central Bank of Nigeria. But limited access to small-dollar cash and the fragmented nature of BDC liquidity keep parallel-market premiums in place. International market sentiment and capital flows remain important drivers of short-term moves.

How this affects consumers and businesses

Importers and firms needing physical dollars still factor in the parallel-market premium when pricing and sourcing goods.

Remittance recipients often get rates closer to the parallel market when cash is required immediately.

Traders and FX desks monitor the NFEM rate for contractual and official reporting while using BDC quotes to assess immediate cash needs.

Over the past week the dollar–naira has fluctuated in the mid-₦1,430s to mid-₦1,460s, with occasional spikes in the parallel market when local cash demand rises. The Central Bank’s measures to improve FX liquidity and recent macroeconomic signals (including an interest-rate shift earlier in the fall) have helped reduce volatility compared with earlier in 2025, but a permanent narrowing of the spread depends on sustained, predictable dollar supply.

Economy

Naira Rebounces Against The USD, EURO, GBP Today November 6, 2025 At The Official And Black Markets

Published

5 days ago

November 6, 2025

ADMIN

See rates below:

Dollars to Naira (USD to NGN)
Type Exchange Rate Today
Buying Rate (Black Market) ₦1450
Selling Rate (Black Market) ₦1460
Official CBN Rate ₦1439

Euro to Naira (EUR to NGN)
Type Exchange Rate Today
Buying Rate (Black Market) ₦1650
Selling Rate (Black Market) ₦1685
Official CBN Rate ₦1654

Pounds to Naira (GBP to NGN)
Type Exchange Rate Today
Buying Rate (Black Market) ₦1840
Selling Rate (Black Market) ₦1940
Official CBN Rate ₦1877

Economy

SEE Dollar to Naira Exchange rate: Black Market and CBN rates

Published

2 weeks ago

October 28, 2025

Prosper Omotola

By Prosper Olayiwola

The exchange rate between the U.S. dollar and the Nigerian naira continued to fluctuate across different markets on Monday, October 27, 2025, as traders and Bureau De Change (BDC) operators reported mixed prices.

At the Lagos Parallel Market, commonly referred to as the black market, one U.S. dollar was sold at ₦1,499 and bought at ₦1,485, according to traders interviewed early Monday. This reflects a slight adjustment from weekend figures, as market demand for the greenback remained strong amid limited supply.

However, the Central Bank of Nigeria (CBN) has repeatedly emphasized that it does not recognize the parallel market, warning Nigerians against patronizing unregulated forex dealers. The apex bank maintains that all legitimate foreign exchange transactions should be carried out through authorized channels, particularly commercial banks, to ensure transparency and stability in the financial system.

Black Market (Aboki FX) Exchange Rate Today

Dollar to Naira (USD to NGN) Black Market Rate
Buying Rate ₦1,485
Selling Rate ₦1,499

Official CBN Exchange Rate Today

Dollar to Naira (USD to NGN) CBN Rate
Highest Rate ₦1,457
Lowest Rate ₦1,450

It is important to note that exchange rates may differ depending on location, volume of transaction, and demand dynamics at various trading points. Rates reported by independent sources or online platforms may also vary slightly from those published by official or regulated channels.

As Nigeria continues to grapple with inflationary pressures and declining foreign reserves, analysts say the exchange rate movement will remain one of the most closely watched indicators of economic stability in the weeks ahead.