Dollar to Naira exchange rate today, October 18, 2025

The official daily Nigerian Foreign Exchange Market (NFEM) rate — the Central Bank-derived volume-weighted average used as the market’s benchmark — was reported at about ₦1,471.03 to the dollar on October 18. That level is consistent with the mid-₦1,400s trading that has characterised official liquidity this week.

On the parallel (street) market, online trackers and market roundups show dealers quoting around ₦1,500 per dollar for sellers and roughly ₦1,480 for buyers — a persistent premium to the official window caused by tighter dollar availability for retail customers.

Why the naira is under pressure

Market participants point to two main drivers:

1. Tight dollar supply and investor flows. Traders and analysts say constrained dollar liquidity from official channels and foreign portfolio outflows have widened the gap between official and parallel rates. Reuters reported weak dollar supply from the central bank and foreign investors selling local assets as key near-term pressures.

2. Persistent premium in the street market. Consumer demand for cash dollars and unmet retail demand continues to sustain the black-market premium, keeping the parallel rate materially above the NFEM average. Live black-market trackers continued to show quotes near ₦1,500 today.

Market reaction and context

Analysts say the spread between the official NFEM rate and street rate reflects remaining frictions in the FX distribution chain — even as the CBN and authorised dealers try to manage volatility via interventions and the I&E windows.

Over the past week the dollar-naira traded between roughly ₦1,468 and ₦1,495 on different venues, showing short-term volatility but no decisive stabilisation.

What this means for Nigerians

Importers and businesses: Expect continued cost pressure on imported goods priced in dollars as the effective retail dollar (parallel rate) remains higher than the official NFEM benchmark.

Remitters and travellers: Those converting cash or using informal channels will likely see rates near the ₦1,480–₦1,500 level; bank transfers through official channels should use the NFEM/I&E rates but availability can vary.

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