Dollar to Naira Exchange Rate Today, October 31, 2025

The exchange rate between the United States dollar and the Nigerian naira continues to draw significant attention from businesses and individuals alike. As of today, October 31, 2025, the parallel market presents specific rates for currency conversion.

Recent trading data indicates the black market, often referred to as the parallel market, shows the US dollar trading against the naira. Market observations from currency traders in major commercial hubs provide insight into current valuation trends.

At the Lagos Parallel Market, Bureau De Change operators quoted specific rates for Thursday, October 30. According to market sources, players in the unofficial forex market sold one US dollar for approximately ₦1,495. Meanwhile, the buying rate stood around ₦1,480 for the same trading day.

The black market operates outside the formal banking system, functioning through networks of licensed BDC operators and informal currency traders. This market typically serves individuals and businesses seeking foreign exchange outside the official banking channels.

Nigeria’s foreign exchange landscape features multiple rates across different markets. The Central Bank of Nigeria maintains its official position regarding recognition of exchange rates. The regulatory institution does not acknowledge the parallel market as a legitimate forex trading platform.

As detailed in the complete version, there are several key factors to consider.

The CBN has repeatedly directed Nigerians requiring foreign exchange transactions to approach their respective banking institutions. This guidance forms part of the government’s broader strategy to stabilize the national currency and regulate dollar flows.

Economic analysts note several factors influence the disparity between official and parallel market rates. These include forex supply constraints, increased demand for imports, and speculative activities among currency traders.

The naira’s performance against major international currencies remains a key economic indicator. Market watchers closely monitor daily fluctuations to gauge the currency’s stability and purchasing power.

Forex users should consider multiple factors when engaging in currency exchange. Transaction security, rate transparency, and regulatory compliance represent important considerations for both individual and corporate forex needs.

Banking institutions across Nigeria continue to provide forex services through approved channels. Customers can access foreign currency for legitimate transactions including business imports, educational fees, and medical expenses.

The Nigerian financial authorities maintain their commitment to achieving exchange rate stability. Recent monetary policies aim to bridge the gap between various forex windows and ensure adequate dollar liquidity.

As the market evolves, participants await further developments in Nigeria’s foreign exchange management framework. The ongoing reforms seek to create a more unified and transparent forex trading environment.

Dollar to Naira Black Market Rate Today

Dollar to Naira CBN Rate Today

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.