Naira/Dollar rates today, October 21, as black & official market rates remain uneven
The Nigerian naira recorded a mixed performance on Tuesday, October 21, 2025, as exchange rates at both the official and parallel markets remained uneven.
According to the Central Bank of Nigeria (CBN) and the Nigerian Foreign Exchange Market (NFEM), the official rate hovered around ₦1,470 per US dollar.
In Lagos’ black market, the dollar traded between ₦1,480 and ₦1,495.
Dollar Demand Keeps Parallel Market Elevated
Data from the official market showed the mid-rate between ₦1,468 and ₦1,470, while street traders maintained higher prices due to strong demand and tight dollar supply. This growing gap highlights Nigeria’s two-tier foreign exchange system.
Financial analysts link the disparity to limited dollar availability for importers and travellers, persistent demand, and market uncertainty about future volatility.
Although the naira gained slightly in mid-October, trading around ₦1,460–₦1,475 officially, the black market continues to sell at a premium.
Impact on Businesses and Travellers
For many Nigerians, the official rate serves mainly as a reference point. Importers, travellers, and individuals who buy dollars in the open market often pay more due to limited supply.
Experts advise monitoring both official NFEM figures and street rates to understand real market conditions.
