The Nigerian currency, Naira, appreciated at the official foreign exchange window on Wednesday, October 29, 2025, trading at ₦1,452.8 per dollar on the Daily Nigerian Foreign Exchange Market (NFEM) platform.
Naijaonpoint reports that the NFEM figure, published for interbank and official transactions, reflects recent gains in the official market, where the currency has strengthened steadily since the beginning of October.
BusinessDay reports indicated that the naira touched record highs earlier this week before settling at its current level.
Despite the gains in the official window, the parallel market remained weaker. Dealers in Lagos quoted the dollar between ₦1,480 and ₦1,495, with buying rates around ₦1,480 and selling rates as high as ₦1,495.
This leaves the black-market rate about ₦25-₦40 weaker than the official NFEM rate, a gap that continues to matter for importers and retail pricing, especially when official foreign exchange is inaccessible.
Naijaonpoint understands that the Central Bank of Nigeria’s (CBN) recent policy measures have been credited with stabilising the official market.
The CBN trimmed its policy rate in September and signalled cautious easing as inflation pressures cooled, while improved foreign exchange liquidity on electronic matching platforms has also helped.
The combination of these factors has supported appreciation in official-market trading, boosting confidence among fixed-income and foreign-exchange investors.
However, structural challenges remain. Limited access to official FX for some private-sector players and high retail demand continue to drive activity in the black market and maintain the spread between official and street rates.
Importers, in particular, remain exposed to the parallel market, with many reporting that when official FX is unavailable, they are forced to buy at higher black-market prices.
This, in turn, keeps the cost of imported goods and dollar-priced services elevated for Nigerian consumers.
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