The Naira confirmed delicate resilience towards the U.S. greenback within the parallel market on Thursday after a slight depreciation earlier within the week.
As of October sixteenth 2025, the Greenback to Naira Black Market alternate fee traded at ₦1,490 per greenback for purchasing and ₦1,500 per greenback for promoting, based mostly on figures gathered from key international alternate sellers in Lagos and Abuja.
Market operators famous blended exercise by early buying and selling hours, with a slight enchancment in greenback availability however sustained demand from importers and vacationers. The Naira’s efficiency displays a cautious market outlook as merchants proceed to navigate the persistent hole between the official and parallel alternate charges.
Greenback to Naira Black Market Price Overview
| Date | Market Kind | Shopping for (₦) | Promoting (₦) | Change |
|---|---|---|---|---|
| Thursday, Oct 16, 2025 | Black Market | 1,490 | 1,500 | — |
| Wednesday, Oct 15, 2025 | Black Market | 1,495 | 1,505 | +₦5 ▲ |
| Official (CBN) | — | — | — | See CBN |
Knowledge compiled from buying and selling actions and verified by Traders King.
How A lot Is Greenback to Naira Right now in Black Market
Right now, the Greenback to Naira Black Market alternate fee stands at ₦1,490 for purchasing and ₦1,500 for promoting. These figures mirror ongoing buying and selling in Nigeria’s parallel market, the place demand for the U.S. greenback stays robust amid tight official provide.
Whereas the Naira’s fee has remained comparatively steady this week, merchants say uncertainty surrounding international alternate coverage and inflows continues to drive black market exercise. For essentially the most correct official charges, verify the Central Bank of Nigeria (CBN).
Why the Greenback to Naira Black Market Price Issues
The black market fee serves as a sensible indicator of Nigeria’s real-time foreign exchange scenario, particularly when official channels fail to satisfy demand. A number of elements are influencing the present efficiency of the Naira:
Restricted Greenback Liquidity: Business banks are nonetheless struggling to satisfy international alternate requests, forcing people and companies to depend on the parallel market.
Excessive Import Demand: Nigeria’s dependence on imported items and uncooked supplies retains the stress excessive on the Naira.
Speculative Exercise: Merchants holding {dollars} in anticipation of additional depreciation add volatility to the market.
Inflation Issues: Rising costs throughout key commodities push buyers to retailer worth in stronger currencies.
Oil Market Fluctuations: With oil nonetheless accounting for the majority of Nigeria’s international earnings, fluctuations in world crude costs straight impression greenback inflows.
Financial Implications
The Naira’s ongoing weak point within the black market continues to weigh on Nigeria’s financial system. Companies face elevated prices, inflation stays elevated, and funding sentiment is subdued.
Importers face greater working bills as a result of rising price of sourcing {dollars}.
Customers are grappling with costlier items and companies.
College students and Vacationers are paying extra for tuition and journey bills overseas.
Traders stay cautious, ready for indicators of stability earlier than committing to long-term tasks.
Analysts imagine that till Nigeria strengthens greenback inflows by exports, remittances, and funding, the parallel market will proceed to dictate the nation’s efficient alternate fee.
Outlook
Specialists forecast that the Naira might proceed buying and selling between ₦1,480 and ₦1,505 within the close to time period as greenback demand stays regular. Nonetheless, any important CBN intervention or enchancment in crude oil earnings may set off a short-term rebound.
Lengthy-term stability, they are saying, would require aligning financial and monetary insurance policies, diversifying income sources, and making certain transparency in international alternate administration.
Conclusion
The Greenback to Naira Black Market alternate fee immediately, Thursday, October sixteenth 2025, is ₦1,490 for purchasing and ₦1,500 for promoting, displaying relative stability within the parallel market after current fluctuations.
For verified day by day updates on Greenback to Naira, go to Traders King, Aboki Foreign exchange, and the CBN.
As Nigeria’s foreign exchange market stays beneath shut watch, merchants and companies proceed to regulate their methods amid the continued tug-of-war between provide, demand, and coverage reforms.
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