Black Dollar To Naira Exchange Rate Today
The Nigerian foreign exchange market opened the week with the naira showing mixed stability across the official and parallel market segments on Tuesday, December 16, 2025.
Movements in both markets reflected continued efforts by monetary authorities to stabilise the local currency, even as demand pressures persist outside the official window.
Ejes Gist News reports that trading activity in the Nigerian Foreign Exchange Market (NFEM) remained relatively calm during early hours, with the naira holding within a narrow range against the United States dollar.
Nigerian Foreign Exchange Market (NFEM) Rate
Data from the official Nigerian Foreign Exchange Market indicated that the naira traded at ₦1,452.27 per US dollar during the early trading session.
Market records showed that transactions were executed within a tight band, ranging between ₦1,451.19 and ₦1,452.57, signalling short-term stability at the official window.
Analysts note that the controlled movement reflects ongoing interventions and liquidity management by the Central Bank of Nigeria, aimed at preventing sharp volatility and maintaining confidence in the formal foreign exchange system.
Parallel Market (Black Market) Rate
In contrast, rates in the parallel market continued to trade at a premium above the official window.
Checks among Bureau De Change operators and street traders showed that the US dollar exchanged between ₦1,465 and ₦1,475 for cash transactions on Tuesday.
This gap between the official and unofficial markets highlights persistent demand pressures, particularly from small businesses, importers, and individuals who remain unable to access sufficient foreign exchange through the NFEM.
Market observers also point to speculative activities and unmet retail demand as contributing factors to the sustained premium in the black market.
Factors Influencing the Exchange Rate
Foreign exchange analysts attribute the relative calm at the official window to several key factors, including:
- Improved FX liquidity management by the Central Bank of Nigeria
- Reduced corporate demand for foreign exchange during the end-of-year period
- Tighter monitoring of authorised dealers participating in the NFEM
However, the continued divergence between the official and parallel market rates suggests that structural challenges in FX supply, alongside inflationary pressures, remain unresolved.
Market Outlook
Currency market participants are maintaining a cautious stance as attention turns to future policy signals from monetary authorities.
Key issues being monitored include efforts to narrow the gap between official and parallel market rates, measures to curb speculative trading, and broader reforms aimed at strengthening foreign exchange supply and restoring long-term stability to the naira.
For now, traders and businesses continue to rely on both markets, with price movements closely watched as the trading week progresses.
