HomeNewsDollar to Naira Exchange Rate Slips to ₦1,463

Dollar to Naira Exchange Rate Slips to ₦1,463

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Key Points


  • The dollar to naira exchange rate stays near ₦1,460 officially.

  • Parallel market dealers trade the dollar to naira exchange rate around ₦1,500.

  • The widening gap in the dollar to naira exchange rate signals supply strain.


On October 17, 2025, the exchange rate between the dollar and the naira was still split between official and street markets. This was because demand for dollars was still higher than supply in Africa’s largest economy. The Central Bank of Nigeria (CBN) runs the official window, where the naira traded for about ₦1,460 per US dollar. In the parallel market, the greenback was worth about ₦1,500.

The official window stays in the mid-₦1,400s

On Thursday, the FMDQ Exchange, where licensed dealers quote official rates, closed deals between ₦1,460 and ₦1,470. Traders say that the narrow movement is because there isn’t much liquidity and the CBN is making it harder for banks and exporters to sell dollars. Ayodeji Ebo, Managing Director at Optimus by Afrinvest, said, “The market has been heavily managed, so we are seeing less volatility.” “But demand is still high, and the central bank’s intervention is still important to stop a sharp drop in value.”

According to a report by Vanguard news, Governor Olayemi Cardoso and the CBN have promised to keep the exchange rate stable while slowly paying off debts owed to foreign airlines, manufacturers, and investors. The Bank’s recent actions, such as setting market-driven rates and making the NFEM window more open again, have helped slow the naira’s decline compared to earlier this year.

Street traders keep the value of the dollar high compared to the naira

Outside of the official window, street vendors in Lagos and Abuja continued to quote the dollar at more than ₦1,490, showing that the retail FX market is still short on supply. Operators at the Bureau de Change said that there weren’t many dollars coming in from remittances and private exporters, which made buyers pay more.

Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria, said, “The gap between the official and parallel rates is about ₦40 now, and that’s a big worry for businesses.” “Importers and travellers who can’t get dollars through banks will keep putting pressure on us until the supply situation gets better.”

A wider spread means that the currency is weak

The difference in the dollar to naira exchange rate shows that the economy as a whole is weak. For example, oil revenue is low, investor confidence is low, and inflation is rising, reaching 32.8 percent in September. Economists say that the CBN may have trouble stabilising the naira for a long time if it doesn’t keep adding to its foreign-currency reserves, which are currently around $33 billion.

Bismarck Rewane of Financial Derivatives Company and other financial analysts say that a single exchange rate system is necessary to win back investors’ trust. “The market needs to be clear and easy to understand. He said, “Dual rates make things less efficient and change the true value.”

The two-tier pricing of the dollar to naira exchange rate shows that there is still a lot of pressure on Nigerians who trade, travel, and send money home. The official rate makes things seem calm, but the street tells a different story of scarcity and pressure that is similar to the fragile balance of Nigeria’s overall economic recovery.

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