By Adenike Lawal
The naira showed a mixed performance on Monday, October 20, 2025, as the official rate held steady while the parallel market weakened, widening the gap between both markets.
At the official Nigerian Foreign Exchange Market (NFEM), the naira traded at an average of ₦1,467.43/$1, with interbank rates ranging between ₦1,468 and ₦1,475. In contrast, black market traders bought at ₦1,480 and sold as high as ₦1,500 per dollar.
Analysts attributed the sustained divergence to dollar scarcity and strong demand from importers and manufacturers despite the CBN’s interventions and recent interest rate adjustments.
The persistent shortage of foreign exchange continues to raise import costs and fuel inflation, while the widening spread between both markets underscores structural weaknesses in Nigeria’s forex system.
