Naira Holds Firm Against Dollar Across Market on Nov 24

The naira retained its strength against the U.S. dollar on Monday, November 24, across both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,455/$1 for buying and ₦1,465/$1 for selling, unchanged from Friday’s closing rate.

At the official window, however, the local currency also remained unchanged at ₦1,456/$1, same rate exchanged during the weekend.

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.