Dollar Trades at ₦1,515 on Black Market as Naira Holds Steady at Official Window-OXYGIST

The Naira traded between ₦1,495 and ₦1,515 per dollar on Friday, October 24, in the parallel (black) market, according to dealers in Lagos and other major commercial hubs across Nigeria.


While the local currency showed relative stability at the official exchange window, it continued to weaken at the black market, widening the gap between both markets.


At the Nigerian Foreign Exchange Market (NFEM), also known as the Investors and Exporters (I&E) window, the US dollar was quoted around ₦1,460/$1 reflecting a modest dip from earlier levels this week and suggesting slight stability in official trading.


However, at the parallel market where retail cash dollars are traded, rates remained much higher. Street traders in Lagos and other cities quoted the greenback between ₦1,495 and ₦1,515 per dollar, with several transactions closing at the higher end of ₦1,515/$1. On average, the street exchange hovered around ₦1,500 per dollar.


For importers and businesses using the official channel, the exchange rate remains close to ₦1,460/$1, while individuals buying cash on the street pay the higher parallel market rate. This continued disparity increases the cost of travel, remittances, and dollar-priced goods for everyday Nigerians.


Experts say the persistent spread between the official and parallel markets reflects ongoing challenges around liquidity, access to forex, and market confidence. Despite this, recent interventions and monetary policy measures by the Central Bank of Nigeria (CBN) have helped steady the official rate.


Financial analysts also note that the CBN’s support for the NFEM window has played a key role in maintaining stability, even as strong cash demand keeps the parallel market rate elevated.


Moving forward, traders will be watching closely for changes in weekly FX turnover, potential CBN interventions, and global dollar movements. Increased dollar inflows through the FMDQ/NFEM could help strengthen the Naira officially but if high cash demand persists, the black market premium is likely to remain.