Dollar to Naira Exchange Rate Today, October 8, 2025
The naira traded weaker on Wednesday, as the gap between the official and parallel market exchange rates widened further.
At the Nigerian Foreign Exchange Market (NFEM), also known as the official Central Bank of Nigeria (CBN) window, the volume-weighted average rate settled around ₦1,465 per US dollar ($1).
Meanwhile, parallel-market trackers reported rates between ₦1,490 and ₦1,495/$1, reflecting continued pressure on the local currency amid strong demand for dollars.
Market analysts attributed the divergence to sustained FX demand from importers and corporates, coupled with limited immediate intervention by the CBN and shifts in liquidity levels following recent monetary operations.
According to analysts, the naira has lost ground over the past two sessions, as eligible FX users — including manufacturers and service importers — increased their dollar requests.
They also noted that monetary policy changes are influencing market sentiment. The CBN’s policy rate cut in late September, following signs of easing inflation, has affected interest rate differentials and capital inflows, adding mild pressure on the exchange rate.
For consumers and businesses, the weaker naira means higher costs for foreign exchange purchases, particularly at non-bank or street exchange channels.
Travellers and importers should therefore expect higher cash or parallel-market rates when sourcing foreign currency.
