3 weeks ago
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The naira traded weaker successful the parallel marketplace connected October 12, 2025, portion the authoritative Daily Nigerian Foreign Exchange Market (NFEM) complaint remained importantly stronger than thoroughfare quotes, underscoring continued two-tier marketplace dynamics.
Key rates:
NFEM (official, volume-weighted): ₦1,455.17 per US$1, according to the Central Bank of Nigeria’s NFEM table.
CBN quoted/closing references (published trackers): Various authoritative trackers amusement CBN reference/closing figures astir the mid-₦1,460–₦1,470 scope successful the archetypal fractional of October.
Parallel / achromatic marketplace (street/AbokiFX trackers): Market trackers study the dollar trading betwixt ₦1,490 and ₦1,510 — AbokiFX/market aggregators amusement merchantability quotes astatine astir ₦1,500–₦1,510, with bargain rates mostly little (around ₦1,480–₦1,490).
What happened today
Interbank enactment that determines the NFEM fig produced a volume-weighted mean (the authoritative NFEM rate) that remained astir ₦1,455 to the dollar — acold stronger than parallel marketplace offers, which proceed to commercialized respective twelve naira weaker. That spread reflects ongoing segmentation betwixt officially settled FX flows and informal thoroughfare liquidity.
Why the spread persists
Analysts accidental the two-tier pricing is driven by constricted disposable dollars successful immoderate authoritative windows, marketplace participants’ penchant for faster currency connected the parallel market, and periodic CBN interventions that power the NFEM but bash not ever adjacent the thoroughfare premium. Recent marketplace reports amusement the naira has been volatile successful October but mostly trading successful the high-₦1,400s to low-₦1,500s successful marketplace feeds.
Market absorption and outlook
Traders told marketplace trackers that request for dollars successful the currency marketplace remains firm, keeping parallel quotes elevated. At the aforesaid time, easing monetary conditions and accrued strategy liquidity — signalled by caller argumentation moves — whitethorn lessen unit connected the naira implicit coming weeks, but structural proviso constraints mean the parallel premium could persist until dollar flows amended materially.
How this affects Nigerians
Importers and corporates: Those relying connected authoritative windows whitethorn entree dollars nearer the NFEM/CBN reference, but timing, documentation and allocation limits matter.
Individuals and SMEs: Many inactive bargain and merchantability connected the parallel marketplace astatine the higher quoted levels (roughly ₦1,490–₦1,510), which raises the section outgo of overseas travel, schoolhouse fees and imported goods.
The station Dollar to Naira speech complaint today, October 12, 2025 appeared archetypal connected Vanguard News.
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