Naira to Dollar rate today, October 31, as Naira trade higher at black market -

As of Friday, October 31, 2025, the US dollar traded at around ₦1,490 in Nigeria’s informal or “black” market.

Dealers were buying dollars at about ₦1,479 and selling at ₦1,490 in major cities such as Lagos.

Current Market Rates

Sell Rate: ₦1,490 per US$1 — what buyers pay to purchase dollars in the parallel market.

Buy Rate: ₦1,479 per US$1 — what dealers offer when purchasing dollars from sellers.

Meanwhile, the official market rate, quoted from the Central Bank’s NAFEM window, hovered around ₦1,444 per US$1.

This leaves a ₦45–₦50 gap between the two markets, reflecting continued pressure on the naira in the informal market.

What the Difference Means

The higher black market rate indicates ongoing liquidity shortages and tighter foreign exchange controls. It also shows that informal traders charge a risk premium.

For importers, travellers, and Nigerians receiving remittances, this means the cost of accessing dollars remains higher in the parallel market compared with official sources.

The gap between both markets serves as an indicator of market strain and how far the official rate may be from actual demand.

Market Background and Trends

The naira continues to face pressure from limited dollar inflows, import demand, and speculation. Earlier in August 2025, the dollar traded for as high as ₦1,560 in the parallel market.

Nigeria’s long-standing dual exchange rate system — official versus parallel — remains a key feature of its currency market.

Although the naira’s recent stability around ₦1,480–₦1,490 shows some improvement, analysts warn that risks still linger.

Outlook for the Coming Weeks

The parallel rate is likely to respond to changes in oil revenue, remittances, central bank interventions, and dollar inflows.

Any reduction in dollar supply, such as new restrictions or reduced forex allocations, could push the rate up again. Conversely, more inflows or CBN sales might strengthen the naira slightly.

What to Expect Locally

In Lagos and other major hubs, buyers can expect to pay around ₦1,490 per dollar. Sellers, meanwhile, may receive about ₦1,479, depending on location, demand, and transaction size.

Rates often vary between regions — for example, Lagos, Abuja, and Kano — and can change within a single trading day. Always confirm current prices before exchanging currency.