Dollar to Naira exchange rate for October 25, 2025

The naira held near mid-October levels on Saturday as official market fixings remained around ₦1,460 per US$1 while the parallel (black) market continued to trade notably weaker, averaging ₦1,495–₦1,500 per US$1.

NFEM / Investors & Exporters window (official): ₦1,460.49 / $1.

CBN suggested / indicative rate: About ₦1,458 / $1.

Parallel / black market (retail cash): Dealers quoted between ₦1,495 and ₦1,515, with a street average close to ₦1,500 / $1; many price boards showed a selling rate of ₦1,500 and a buy rate around ₦1,485.

Official FX windows (the NFEM/Investors & Exporters window reported by banks and market platforms) recorded a modest intraday softening of the dollar from earlier in the week, keeping the official fixing around the mid-₦1,400s. Meanwhile, parallel market dealers — facing tight retail dollar supply and continued cash demand — quoted substantially higher rates for immediate cash transactions, leaving a persistent spread between official and street prices.

Why the gap persists

Market commentary and reporting point to a recurrent two-speed FX market: Electronic interbank liquidity and official windows absorb some flows (trade, some inflows), keeping the official rate relatively anchored, while limited access to physical dollars for retail customers—plus demand from importers and travelers—keeps parallel quotes elevated. Analysts and business reports say the divergence reflects episodic dollar scarcity at retail level even when interbank activity appears calmer.

What it means for Nigerians

Businesses and importers: Companies that rely on cash dollar purchases may still face higher outlays if they use parallel market sources.

Consumers and travellers: Cash purchases and informal remittances will be priced closer to the parallel market (₦1,495–₦1,500), not the official fixing.

Policy watchers: The persistent gap will keep attention on CBN liquidity measures and potential steps to narrow the two markets.