The Naira traded slightly weaker across Nigeria’s Foreign Exchange windows on Wednesday, October 15, 2025.

The official market quotes, which are derived from the Daily Nigerian Foreign Exchange Market and represent the volume-weighted average, remained within the mid-₦1,400s band, specifically ranging between approximately ₦1,460–₦1,468 per US dollar.

Simultaneously, the CBN’s published reference figure for the day sat closely in the range of ₦1,462–₦1,463 per dollar, a rate utilized by banks and businesses for official pricing and transfers.

In contrast to the official rates, parallel, or black-market dealers continued to price the dollar significantly higher. Retail dealers were quoting rates to buy at ₦1,485 and sell at ₦1,505 per dollar.

This disparity maintained a noticeable premium of roughly ₦20–₦45 between the official and black-market midpoints, reflecting persistent retail demand and short-term liquidity gaps in the informal sector.

The official NFEM window primarily reflects transactions by banks, authorized dealers, and official flows, while the parallel market caters to retail demand, explaining the persistent premium for cash transactions.

Global currency movements contributed to moderating the upward pressure on the Naira on this day.

The U.S. dollar weakened against several major currencies on October 15 as markets began to price in possible Federal Reserve rate cuts later in the month.

International developments, including U.S. rate expectations and trade tensions, are key global drivers that influence offshore dollar flows and market sentiment, which ultimately filter through to local FX windows.

Analysts expect modest volatility in the coming days as various flows—including those from importers, corporate end-users, and the diaspora—interact with any CBN interventions and global FX sentiment.

For businesses and consumers, these differing rates necessitate strategic action. Importers and corporates should continue to budget for costs using the official NFEM quotes (₦1,460–₦1,468) for their bank-processed transactions, but they must be aware that purchasing dollars outside formal channels will incur a materially higher cost.

Consumers and travelers relying on cash exchange rates on the street (parallel market) should budget for the higher rate, expecting about ₦1,485–₦1,505 per dollar if using informal dealers, and are advised to shop around and prefer bank or transfer channels where possible.

Meanwhile, beneficiaries receiving remittances via formal platforms should utilize bank or NAFEX channels to secure rates closer to the official figure, as informal receipts will reflect the parallel premium.