Dollar to Naira exchange rate today, October 16, 2025

The naira traded successful the mid-₦1,400s connected authoritative FX platforms portion the parallel (black market) complaint remained markedly higher, adjacent ₦1,485–₦1,505 per $1 arsenic dealers continued to terms the greenback supra authoritative windows.

Key rates:

NFEM / CBN (Daily Nigerian Foreign Exchange Market, volume-weighted average): Roughly ₦1,460–₦1,475 = $1

Parallel / retail (Lagos dealers / Aboki/black market): Buy ≈ ₦1,485 — Sell ≈ ₦1,505 per $1

What happened today

The authoritative Daily Nigerian Foreign Exchange Market (NFEM) — the CBN’s volume-weighted benchmark for the time — stayed successful the mid-₦1,400s amid dependable request successful banks and the wholesale FX window. Market trackers reported tiny intraday moves but nary ample interruption from the week’s band.

Meanwhile, parallel marketplace dealers successful Lagos and different commercialized hubs continued to commercialized the dollar astatine a sizeable premium to the authoritative rate, with retail merchantability quotes clustering astir ₦1,505. That dispersed — astir ₦20–₦45 (or more) betwixt authoritative and parallel midpoints — reflects persistent tightness successful dollars disposable to retail customers and the ongoing two-tier dynamics successful Nigeria’s FX ecosystem.

Why the dispersed remains

Analysts and dealers constituent to respective drivers keeping the parallel marketplace supra authoritative windows:

Dollar request from importers and corporates remains elevated, and immoderate marketplace participants inactive similar to transact off-market erstwhile entree to authoritative FX is slow.

Market sentiment and liquidity: While header ostentation has eased successful caller months (reducing immoderate contiguous pressure), liquidity swings and argumentation moves proceed to power short-term rates.

How this affects Nigerians

Importers and businesses paying for dollar-priced goods proceed to look higher section costs erstwhile forced to usage parallel channels.

Remittance recipients and savers whitethorn spot antithetic outcomes depending connected which model they usage to person funds — authoritative transportation services and slope channels volition typically bespeak the NFEM/CBN band, portion currency exchanges astatine retail bureaus travel the parallel quotes.

The station Dollar to Naira speech complaint today, October 16, 2025 appeared archetypal connected Vanguard News.