Naira appreciates against dollar in black market – Today’s exchange rate

The demand pressure on the Naira in the foreign exchange (FX) market eased on Thursday, October 16, leading to a modest appreciation of 0.15 per cent or ₦2.26 against the US Dollar.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency traded at ₦1,471.03/$1, compared with ₦1,473.29/$1 recorded on Wednesday.

However, the Naira weakened against the British Pound and the Euro during the same session.

It depreciated by ₦10.07 against the Pound to close at ₦1,976.18/£1, from ₦1,966.11/£1 the previous day, and also lost ₦2.23 against the Euro to settle at ₦1,714.49/€1, versus ₦1,712.26/€1 on Wednesday.

At the retail end, particularly at GTBank, the domestic currency declined by ₦5 against the Dollar, closing at ₦1,475/$1 compared with the previous day’s ₦1,470/$1.
In the parallel (black) market, however, the Naira traded flat at ₦1,485/$1.

Looking ahead, the Naira is expected to face further downward pressure next week as foreign investors continue to offload Nigerian assets amid global risk aversion and tight dollar liquidity.

This trend may outweigh optimism that the recent moderation in inflation could support the currency. Traders attributed the weakness to heightened global trade tensions between the United States and China  the world’s two largest economies  coupled with limited foreign exchange supply from the Central Bank of Nigeria (CBN).

On Wednesday, the National Bureau of Statistics (NBS) reported that Nigeria’s inflation rate fell to 18.02 per cent in September 2025, marking the first time in years that it has dropped below the 20 per cent threshold.

Investment firm CardinalStone noted that the “ongoing disinflationary trend bodes well for currency valuation,” adding that a sustained current account surplus and gradual build-up in FX reserves could underpin further appreciation of the Naira in the medium term.

Crypto Market Under Pressure as Precious Metals Hit Record Highs

In the cryptocurrency market, digital assets came under pressure as investors shifted funds to traditional safe havens like gold and silver, which reached new record highs.

Tightening liquidity conditions in the US financial system prompted traders to reduce exposure to riskier assets.

Among major tokens, Dogecoin (DOGE) fell by 3.5 per cent to $0.1889, Cardano (ADA) declined by 3.5 per cent to $0.6455, Solana (SOL) dropped by 3.3 per cent to $186.65, and Binance Coin (BNB) shed 3.1 per cent to $1,141.78. Litecoin (LTC) slipped 2.8 per cent to $91.64.

Similarly, Ripple (XRP) decreased by 2.6 per cent to $2.34, Ethereum (ETH) lost 2.3 per cent to $3,908.66, and Bitcoin (BTC) dipped 2.1 per cent to $108,761.93. Meanwhile, stablecoins Tether (USDT) and USD Coin (USDC) maintained parity at $1.00 each.