As of October 9, 2025, Nigerians are closely monitoring the exchange rate of the US Dollar (USD) against the Nigerian Naira (NGN) amid fluctuations in both official and parallel markets. The latest data from AbokiFX, Bureau De Change (BDC) operators, and the Central Bank of Nigeria (CBN) highlight the current trends.
Black Market Rates Today
In the parallel market, also known as the black market, the Naira is trading at approximately ₦1,500 per USD according to AbokiFX. Similarly, BDC operators in Abuja, particularly in Wuse Zone 4, report a buying rate of ₦1,500 per USD, with slightly higher selling rates.
The increase in black market activity reflects the ongoing demand for foreign currency, particularly US Dollars, despite government efforts to stabilize the Naira. Analysts note that opportunistic trading often drives slight daily fluctuations in these rates.
Central Bank of Nigeria Official Rate Today
On the official side, the CBN exchange rate stands at ₦1,471.09 per USD, a minor increase from ₦1,470.26 reported previously. The official market remains relatively stable, reflecting the central bank’s intervention and forex management policies designed to reduce volatility.
Recent Trends and Market Observations
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The Naira has appreciated slightly in the parallel market, moving from ₦1,505 to ₦1,500 per USD, indicating a narrowing gap between official and black market rates.
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Despite this improvement, a notable disparity remains, highlighting the persistent challenges in forex supply and distribution across Nigeria.
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Analysts predict that as the gap between official and parallel rates narrows, there could be fewer arbitrage opportunities, signaling a potential move toward a more unified exchange rate system.
Outlook for Consumers and Businesses
With the Naira showing signs of stabilization in both official and parallel markets, Nigerians are advised to:
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Purchase foreign currency from registered BDCs or official channels to avoid paying inflated black market rates.
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Monitor daily exchange rate updates from trusted sources such as AbokiFX and the CBN website.
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Plan business transactions in foreign currency carefully, considering slight day-to-day fluctuations in the parallel market.
The ongoing changes in the Naira-Dollar exchange rate underscore the importance of reliable forex monitoring and informed decision-making for both consumers and businesses in Nigeria.
