Naira/Dollar rates today, October 30, as Naira appreciates at official market -

Nigeria’s currency continued to show strength in official trading on Wednesday, even as the black market held weaker, exposing the country’s ongoing foreign exchange divide.

The Daily Nigerian Foreign Exchange Market (NFEM) placed the official rate at ₦1,452.8 per dollar on October 30, 2025.

This marks a steady improvement compared to earlier in the month, signalling renewed confidence in the Central Bank’s management of the market.

Parallel Market Still Trails Behind

In the streets of Lagos, black market dealers offered the dollar between ₦1,480 and ₦1,495, buying at the lower end and selling at the higher end.

This leaves the unofficial rate about ₦25–₦40 weaker than the official market, sustaining the long-standing gap between both systems.

Despite progress in the official foreign exchange window, the parallel market remains the preferred source for many importers and small businesses struggling to access dollars through formal channels.

Policy Support and Lingering Challenges

The Central Bank of Nigeria (CBN) has introduced several measures to strengthen the naira.

These include increasing forex liquidity through electronic platforms and easing its policy rate as inflation shows signs of cooling. Such moves have helped stabilise trading at the official window.

However, challenges persist. Restricted access to official forex for private players and strong retail demand continue to drive black market activity.

Analysts say this dual structure reflects deeper economic bottlenecks that still need fixing.

Economic Impact

For businesses and consumers, the continued weakness of the parallel market keeps import costs high, meaning goods priced in dollars may remain expensive.

For investors, a firmer official rate and consistent monetary direction from the CBN provide reassurance, even as the parallel gap reminds them of remaining structural concerns in Nigeria’s forex market.