Dollar to Naira Exchange Rate Today, October 8, 2025: Latest Official and Black Market Updates

Dollar to Naira Exchange Rate Today, October 8, 2025

The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) today, Wednesday, October 8, 2025, is around ₦1,470.78 per dollar in the parallel market.

This means that if you want to buy 100 dollars today, you will need about ₦147,078 in Nigeria. However, this amount can vary depending on where you exchange your money, whether at a commercial bank, Bureau De Change (BDC), or the black market.

The Naira has seen little movement this week as traders respond to market demand, government policies, and fluctuations in oil revenue.

Current Dollar to Naira Exchange Rate Table (October 8, 2025)

Market Type	Exchange Rate (₦ per $1)	Source
CBN Official Rate	₦1,365.00	Central Bank of Nigeria
Black Market Rate	₦1,470.78	Lagos / Abuja Parallel Market
Bureau De Change (BDC) Rate	₦1,455.00	Local BDC Operators
Online/Remittance Rate	₦1,440.00	International Platforms

Why the Dollar to Naira Rate Changes Daily

The Naira’s value compared to the Dollar changes regularly because of several key factors.

1. Demand and Supply of Dollars: When more people need dollars for travel, import, or payments abroad, the price of the dollar increases.
2. Inflation and Economic Growth: High inflation and reduced local production weaken the Naira, while strong growth can help it recover.
3. Oil Revenue: Nigeria depends on oil exports for most of its foreign exchange, so when oil prices fall, dollar inflows reduce and the Naira weakens.
4. Government Policies: The Central Bank of Nigeria (CBN) sometimes adjusts how dollars are sold or distributed to manage inflation and stabilize the market.

What the Current Rate Means for Nigerians

The exchange rate affects almost every part of life in Nigeria.

Dollar to Naira Exchange Rate October 28, 2025: Naira Strengthens at Official Market

Cost of Goods and Services: When the Naira weakens, imported goods such as electronics, clothing, and food items become more expensive.
Education and Travel: Nigerians paying tuition or traveling abroad will need more Naira to get the same amount of dollars.
Business Operations: Companies that import raw materials face higher costs, while exporters who earn in dollars benefit.
Inflation: A weaker Naira leads to an increase in prices for many goods and services in local markets.

How Nigeria Can Strengthen the Naira

Experts believe the Naira can become stronger if the government focuses on key areas.

Encourage Local Production: Reducing reliance on imports will help save foreign currency.
Increase Exports: Selling more Nigerian products abroad brings in more dollars.
Attract Foreign Investments: A stable business environment attracts more foreign capital.
Diversify the Economy: Reducing dependence on oil and focusing on technology, manufacturing, and agriculture will create lasting balance.

Expert Opinion

Financial analysts say that the Naira’s performance in the coming months will depend on how Nigeria manages oil revenue, inflation, and foreign reserves. Transparency in foreign exchange allocation and continued support for local businesses are key to achieving stability.

Final Thought

As of October 8, 2025, the Naira trades at about ₦1,470.78 per dollar in the black market, while the official CBN rate stands at ₦1,365.00.

If you plan to buy or sell dollars, always check the latest rate from reliable sources such as the Central Bank of Nigeria or trusted forex platforms. Exchange rates can change within hours, so it’s important to stay updated before making financial decisions.

With stronger economic policies, better local production, and reduced dependence on oil, Nigeria has a real chance of improving the value of its currency and achieving long-term stability.