Naira Strengthens in Black Market, Slips Officially on Nov 14

The naira recorded mixed performance against the U.S. dollar on Friday, November 14, across both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,445/$1 for buying and ₦1,455/$1 for selling, marking a ₦5.33 appreciation compared to Thursday’s closing rate of ₦1,460/$1.

At the official window, however, the local currency slipped slightly to ₦1,442/$1, compared to ₦1,441/$1 recorded the previous day.

Analysts noted that the divergence reflects the widening gap between official and parallel market rates, underscoring sustained pressure on Nigeria’s foreign exchange market. They attributed the volatility to speculative trading and persistent uncertainty surrounding the Central Bank of Nigeria’s policy direction.