Official market rates (NFEM/CBN) are trading in the high ₦1,400s to about ₦1,470 while the parallel market prices remain higher, near ₦1,500+ as of October 10, 2025.
What changed?
The CBN/NFEM official series — the rate derived from the Nigerian Foreign Exchange Market (NFEM) — is showing little net change day-to-day but remains materially lower than parallel market quotes, with the CBN’s daily display showing ₦1,470.6 as its published reference. Traders continue to use the NFEM figure as the official benchmark for many transactions.
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The parallel market remains more volatile and priced about ₦30–₦50 above the NFEM/CBE figure today; some black-market screens reported buy/sell prices clustering near ₦1,480/₦1,500 and in pockets up to ₦1,515 depending on city and liquidity.
Why the gap persists
1. Policy and liquidity: The Central Bank’s policy moves and liquidity management — including the recent interest-rate decision cycle earlier this autumn — influence official market conditions and banks’ access to FX. Market participants continue to price in differences between the official NFEM window and on-street liquidity.
2. Demand in the parallel market: Retail and small-value dollar demand, delays in dollar supply to informal channels, and risk premia push Aboki/parallel rates above the NFEM. AbokiFX and local trackers show the parallel market reacting faster to intraday flows.
What to watch next
CBN liquidity operations & FX auctions: Any statements or additional interventions by the CBN to supply FX to the market could narrow the gap. Watch CBN bulletins and FMDQ/NFEM notices.
Oil price and inflows: Changes in crude receipts, sovereign or external loan flows, and FX inflows from exporters can shift both official and parallel markets.