The naira recorded a modest gain against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on October 28, 2025, as the parallel market remained largely stable, signalling a cautious calm in currency trading following recent Central Bank of Nigeria (CBN) interventions.
At the official window, the naira appreciated slightly, with the NFEM exchange rate settling at about ₦1,457.06 to the dollar. This marked a marginal improvement from earlier intraday levels that hovered between ₦1,457 and ₦1,458, reinforcing expectations of tighter market management and improved liquidity at the official window.
The NFEM rate remains a critical benchmark for importers, exporters and businesses with regulatory foreign exchange needs, making movements at the official market closely watched by investors and analysts.
In the parallel market, often referred to as the black market, rates showed relative stability. Currency dealers quoted the buying rate between ₦1,450 and ₦1,460 per dollar, while the selling rate ranged from ₦1,470 to ₦1,480. Despite the persistent spread, the gap between the official and unofficial markets has narrowed considerably.
Analysts say the closer alignment between the NFEM and parallel market rates reflects the impact of recent CBN policy adjustments aimed at improving transparency, boosting supply and reducing speculative pressure on the naira.
For businesses and households, the current trend offers cautious optimism. A narrowing gap between exchange windows suggests improved confidence in the official market, but sustained stability will be key for pricing, import planning and broader economic decision-making in the coming weeks.
