Market update · 25 October 2026

Dollar to Naira Today: Official vs Black Market Rate

Dollar to naira: the official rate closed at ₦1,370 on 23 Oct, street quotes near ₦1,390. Why the naira is still up in 2026, and what the SEC draft says.

Markets are shut for the weekend, so Friday's rates stand. Central Bank of Nigeria data show the official market (NFEM) closed at ₦1,370 per dollar on Friday 23 October, with a weighted average of ₦1,361.84. Street dealers quoted about ₦1,375 to buy and ₦1,390 to sell. The naira is still about 5% up this year.

How much is the dollar to naira today?

Friday 23 October, the last trading day:

• Official NFEM close: ₦1,370.00 per dollar (CBN).
• NFEM weighted average: ₦1,361.84. The day's range ran from ₦1,340 to ₦1,395.
• CBN central rate: ₦1,361.34.
• Parallel (black) market: about ₦1,375 buying and ₦1,390 selling (WithinNigeria). Street rates are informal and vary by city and dealer.

The catch: the official rate moved fast. It closed at ₦1,337.00 on Wednesday 21 October and ₦1,365.00 on Thursday 22 October, before ₦1,370.00 on Friday. That is a 2.4% fall in the naira in two days, by our calculation. Reports written early on Friday still quoted about ₦1,331 to ₦1,339, so check the date and time on any rate you see.

Why did the naira weaken this week?

Reuters, quoted by WithinNigeria, tied Thursday's move to rising demand for dollars. We found no published explanation for Friday's larger move at the time of writing. Analyst Bismarck Rewane had warned that the CBN's September rate cut could put pressure on the naira, WithinNigeria reported. The next big dollar event is the Fed decision on Wednesday 28 October at 19:00 WAT; see our Fed meeting guide.

Why is the naira appreciating in 2026?

The number first. The CBN's central rate was ₦1,435.26 per dollar on Wednesday 31 December 2025. It reached ₦1,315.17 on Thursday 3 September, the naira's strongest level this year, and stood at ₦1,361.34 on Friday. So the naira is up about 5.4% this year, down from a gain of about 9% at the peak (our calculations from CBN data).

What drove it, according to Daba Finance, citing Bloomberg data (Thursday 3 September):

• Oil. Higher prices lifted export earnings. Brent settled at $116.72 on Friday; see Brent crude above $115.
• Remittances. Formal diaspora remittances reached $3.8 billion in the first seven months of 2026, up 50.2% on a year earlier.
• Reserves and yields. Reserves rose, and higher yields drew foreign money into Nigerian debt.

Inflation is falling too. It was 14.63% in September (NBS), down from 15.39% in August. On Tuesday 22 September the CBN cut its policy rate by 350 basis points to 23%, from 26.5%, its largest cut since 2006, and called it an "operational reset" (Nairametrics). Lower rates can make naira assets less attractive to foreign investors, which is the risk Rewane flagged.

What do the SEC's draft forex rules say?

These are draft rules, not law. The Securities and Exchange Commission published its proposed rules on online forex and CFDs on Tuesday 1 September, with a two-week comment window (Nairametrics; Finance Magnates). The SEC has said they are not yet in force (Innovation Village), and we found no final version as of Sunday 25 October. The draft proposes:

• Licensing and capital. Brokers would need ₦2–3 billion in paid-up capital and platform providers ₦5 billion. Introducing brokers, which includes desks like ours, would need ₦30 million (individual) or ₦150 million (corporate), and SEC approval for their marketing.
• Offshore brokers. Firms abroad that serve Nigerian residents would be covered.
• Leverage caps for retail clients. 1:400 on major pairs such as EUR/USD, 1:300 on minor and exotic pairs, indices and commodities, and 1:2 on crypto. Retail clients could not lose more than the money in their account.
• Bonuses and referrals. Brokers could not "use bonuses, trading contests, and referral fees" to attract or keep traders, or reward clients for introducing new ones. PAMM managed accounts would be banned.
• Naira pairs. No trading in pairs involving the naira without the SEC's written approval.

None of this applies until the SEC publishes final rules, and the final version may differ.

What are the key numbers?

• Official NFEM close, Friday 23 October: ₦1,370.00; weighted average ₦1,361.84 (CBN).
• Parallel market: about ₦1,375 buying, ₦1,390 selling (WithinNigeria).
• The naira this year: up about 5.4%; it was up about 9% at its Thursday 3 September peak (our calculations from CBN data).
• Policy rate: 23% (CBN).
• Inflation, September: 14.63% (NBS).

How do you check a deposit bonus before taking one?

A bonus is not free money. It is usually credit with a trading requirement. Before you accept one:

1. Find the turnover rule. How many lots must you trade before the bonus can be withdrawn, if ever?
2. Check whether it is cash or credit. Credit is often removed when you withdraw, which can push an account with open trades towards a margin call.
3. Price the turnover. Work out your cost per lot with the true cost per lot tool, then run the numbers in the bonus calculator. If unlocking it costs more in spreads and commission than the bonus is worth, it costs you money.
4. Read the loss rule. Can the bonus absorb losses, or is it removed at a set level?
5. Don't rush because of the proposed ban. A bonus with bad terms is bad whether or not the SEC bans it later.

If you have done those checks, this is what is on our desk board this week.

We are an introducing broker: if you open an account through our link, the broker pays us a commission.

74–89% of retail CFD accounts lose money (brokers' own EU disclosures). This offer is not for residents of India, Pakistan, the Philippines, Indonesia or the USA.

Learning pips, lots and leverage before you fund an account is cheaper than learning them after. Our free workbook covers them in 25 short lessons with exercises. It is free until Wednesday 11 November, then $4.99.

What else are people asking?

How much is dollar to naira today in the black market?

Street dealers quoted about ₦1,375 to buy and ₦1,390 to sell on Friday 23 October (WithinNigeria). Those are informal quotes that vary by city. The official NFEM close was ₦1,370.

Why is the naira appreciating?

Higher oil earnings, a 50.2% jump in formal remittances, rising reserves and foreign money chasing yields, according to Daba Finance. Even after this week's slide, it is about 5.4% stronger than at the end of 2025.

Is online forex trading legal in Nigeria?

The SEC's 2018 public notice says online retail forex trading "is currently unregulated" and that anyone taking part does so "at his or her own risk" (SEC). The 2026 draft rules would create a licensing regime, but they are not final yet.

How do I calculate pips in forex?

For most pairs a pip is the fourth decimal place, 0.0001. For yen pairs it is the second, 0.01. On a standard lot of EUR/USD, which is 100,000 units, one pip is worth $10. Our pip value calculator works it out for any pair and lot size.

Not advice. This is general education from an introducing-broker desk, not personalised investment advice. Leveraged trading carries a high risk of loss. Read the full disclosures.