United Bank for Africa (UBA) Plc has pegged its official foreign exchange (FX) rate for international transactions on the UBA Naira Card at N1,462.00 per U.S. dollar, effective October 29, 2025.
The announcement shared via the bank’s digital communication channels reflects UBA’s alignment with prevailing market dynamics as the naira continues to face steep depreciation pressures across both official and parallel markets.
Currency Pressure Deepens
Nigeria’s FX market remains under intense strain, driven by persistent dollar scarcity, falling foreign reserves, and soaring import demand. Despite the Central Bank of Nigeria’s (CBN) managed float regime introduced in mid-2023, the gap between official and black-market rates has widened further.
By early this week, parallel market traders in Lagos and Abuja quoted between ₦1,650 and ₦1,680/$1, while the FMDQ I&E window closed at ₦1,605.89/$1 on October 28.
UBA’s card rate, therefore, represents a more competitive midpoint, giving customers access to cheaper FX than both the official and black-market benchmarks.
UBA’s Naira Card: Bridging Access to FX
The UBA Naira Card available in debit and prepaid formats enables customers to make international payments in dollars while being billed in naira at the bank’s published daily rate.
“Today’s FX Rate for your UBA Naira Card is ₦1,462.00,” the bank said in its customer notice.
“This rate is valid on 29-10-2025 and may be updated throughout the day based on market conditions.”
This transparent pricing mechanism is part of UBA’s broader “One Brand, Partnering for Progress” strategy, which emphasizes customer trust and digital efficiency amid market uncertainty.
