According to figures released by the Central Bank of Nigeria (CBN) through its official forex trading portal, the Naira exchanged at ₦1,471.02 per Dollar on Thursday, October 16, 2025, improving from ₦1,473.29 per Dollar on Wednesday, October 15, 2025.
Meanwhile, in the black market, the Dollar was sold at ₦1,515, as demand for foreign currency remains strong despite the CBN’s unification of the forex market.
Dollar to Naira Exchange Rate (October 17, 2025)
| Market Type | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| CBN / Official Market | 1,470 | 1,471.02 |
| Black Market (Parallel Market) | 1,505 | 1,515 |
CBN’s Forex Policy Background
The Central Bank of Nigeria had, in a circular dated June 14, 2023, announced the collapse of all forex windows into the Investors & Exporters (I&E) window to promote transparency and efficiency in the market.
Key highlights of the circular include:
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Abolition of multiple FX windows in favour of a single I&E window.
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Reintroduction of the “Willing Buyer, Willing Seller” model, allowing rates to be determined by market forces.
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Removal of trading limits on FX positions.
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Trading hours: 9 a.m. to 4 p.m. (Nigeria time).
The policy effectively introduced a free-floating exchange rate, allowing the Naira’s value to be determined by demand and supply in the forex market.
Disclaimer
Naija Blog reports that Gatekeepers News, which provided these figures, does not set or determine forex rates.
Official rates are obtained from the FMDQOTC website, while parallel market rates are sourced from multiple verified traders.
Rates may vary depending on location, transaction type, and volume.