Naira to Dollar rate today, October 29, as Dollar climbs in black market

Nigeria’s naira remained largely stable on Wednesday at the official exchange window, even as the dollar strengthened in the parallel market.

At the Nigerian Foreign Exchange Market (NFEM), the dollar traded between ₦1,455 and ₦1,458, while street traders sold it for ₦1,480 to ₦1,500.

The difference shows that the gap between official and black-market rates is still far from closing.

Why the Markets Differ

Market reports show that the naira’s steady performance in the official market came from better foreign inflows and liquidity in recent days.

Yet, informal traders continued to sell at higher rates due to strong importer demand and limited access to foreign currency.

Analysts say the two markets operate under very different conditions. The NFEM includes banks, corporates, and institutional traders, while the parallel market mostly serves retail buyers and bureaux de change.

The Central Bank’s policies, interest rate adjustments, and timing of remittances also influence how both markets move.

Recent Trends and Economic Outlook

In the past week, the naira has traded mostly in the high ₦1,400 range across both markets.

Though the currency has recovered slightly from its October lows, it remains vulnerable to swings in oil prices, foreign portfolio inflows, and CBN interventions.

Effect on Businesses and Citizens

For businesses, especially importers, sourcing dollars outside official channels remains costly. Consumers continue to feel the impact as imported goods and household items stay expensive.

Meanwhile, investors see signs of progress in liquidity and inflation control, but the wide rate gap still shows uneven market confidence.

What Lies Ahead

Experts are watching several key indicators that could shape the naira’s path:

CBN’s daily FX operations and future policy moves.

Oil revenue inflows, which affect dollar supply.

Foreign investment trends, which could either stabilise or pressure the exchange rate.