The Nigerian naira demonstrated continued signs of stability on Friday, October 3, 2025, trading firmer in the official Nigerian Foreign Exchange Market while holding steady in the parallel (black) market.
In the official NFEM, the naira was quoted at ₦1,455 per US dollar, based on the volume-weighted data published for the Nigerian foreign exchange market. Concurrently, parallel/black market rates were quoted roughly between ₦1,460–₦1,470 per US dollar, with multiple street and Bureau De Change (BDC) trackers recording a selling price of around ₦1,460.
Market participants suggested that the firmness in the official market reflects both improved foreign exchange liquidity and sustained foreign exchange inflows observed in recent weeks.
This trend has been effective in narrowing the gap between the NFEM price and parallel market quotes.
Analysts also noted that broader macroeconomic policy moves, particularly the Central Bank of Nigeria’s recent easing of its policy rate, are providing additional support for the naira. News wires and exchange aggregators showed minor variations between data providers, with some commercial feeds placing the USD/NGN rate nearer ₦1,470 on the day, underscoring small intraday differences between official platforms and the informal parallel market. Traders maintained that such spreads are normal given that volumes and counterparties differ across the official EFEMS/NAFEM platform and informal channels.
The narrowing difference between the official and parallel rates is being closely monitored by importers, exporters, and foreign investors. A stronger naira in the NFEM translates to lower costs for servicing foreign obligations for businesses that access the official market. Simultaneously, lower volatility in the black market provides ease for short-term cash management for households and small traders.
Economists believe the naira’s near-term trajectory will depend on continued foreign inflows, crude oil receipts, and the sustained commitment of the Central Bank and government to policy and liquidity measures aimed at encouraging depth in the FX market. With headline inflation showing signs of easing and the CBN recently trimming its policy rate, markets are expected to remain sensitive to any new data regarding reserves, inflows, or policy shifts.
