On October 9, 2025, the naira continued to face pressure against the US dollar, with exchange rates reflecting a fragile balance between demand for foreign currency and central bank intervention. In the black (parallel) market, the dollar was trading at about ₦1,495 per USD.
Officially, the Nigerian Foreign Exchange Market (NFEM) and CBN-reported rates remain significantly lower than black market valuations, though up-to-date figures for October 9 had not been posted at the time of writing. In recent trading, the naira had strengthened modestly: on October 7, it was quoted at ₦1,469.2750 per USD , illustrating some volatility in recent sessions. Currency analysts point to several factors influencing today’s rates:
Tight dollar supply: Domestic demand for dollars—by importers, investors, and travellers—continues to outpace supply, pushing more activity into informal markets.
CBN interventions: The Central Bank of Nigeria has periodically intervened in the FX market to stabilize the naira, but those measures often lag market pressures.
Foreign inflows & sentiment: Portfolio flows, foreign direct investment, and oil revenues all play a role. Any positive signal from external markets or increased remittance inflows tends to ease pressure on the naira. Importers may face higher costs, as many must resort to parallel market or premium rates to secure foreign currency. Consumers feel the impact via inflation, especially for goods that rely on foreign inputs—electronics, machinery, and certain food imports. Policy watchers will be watching for fresh moves by the CBN or government assurances aimed at narrowing the gap between official and parallel rates.
