Naira Strengthens at Official Market as Black Market Rates Remain Weaker

The Nigerian naira continued its positive run at the official foreign exchange market on Wednesday, showing signs of stability and renewed investor confidence.

According to data from the Daily Nigerian Foreign Exchange Market (NFEM), the official exchange rate stood at ₦1,452.8 per dollar on October 30, 2025 a modest appreciation compared to earlier this month.

Analysts say the improvement reflects ongoing efforts by the Central Bank of Nigeria (CBN) to inject liquidity and manage the currency more effectively.

However, the black market continues to trail behind. Street traders in Lagos were seen buying dollars at around ₦1,480 and selling between ₦1,490 and ₦1,495, maintaining a gap of ₦25–₦40 from the official rate. This persistent disparity underscores Nigeria’s lingering dual exchange rate challenge.

While the CBN has implemented several measures including expanding access to electronic forex platforms and easing policy rates many importers and small businesses still rely on the parallel market for access to foreign currency.

Experts note that although a firmer official rate may encourage investor confidence, structural bottlenecks, import dependence, and limited forex access continue to weigh on the market.

For consumers, the weaker black market rate means import-dependent goods are likely to remain expensive despite the naira’s official gains.