Naira Holds Steady at N1,450 Officially, Trades at N1,374 on Parallel Market 

The naira traded around ₦1,450 to the US dollar in Nigeria’s official Nigerian Foreign Exchange Market (NFEM) on Friday, November 21, 2025, while the Lagos parallel (black) market quoted the dollar between about ₦1,460 (buy) and ₦1,474 (sell).

Quick Facts

Official NFEM (volume-weighted) rate — About ₦1,450 per $1 (November 21, 2025).

Parallel market — Dealers buying at ~₦1,460 and selling up to ~₦1,474.

What Happened Today

The official NFEM rate — the Central Bank of Nigeria’s (CBN) daily volume-weighted price derived from transactions in the formal market — remained near the mid-₦1,400s on Friday, according to market trackers. Traders in Lagos’ parallel market continued to offer dollars at modestly higher levels, reflecting ongoing demand pressure from retail FX needs, importers and remittance flows outside the formal system.

Why the Gap Persists

Analysts say the spread between the NFEM rate and the parallel market has been driven by constrained FX inflows into formal channels and strong dollar demand for imports and personal transfers. Recent CBN policy moves — including the decision to cut the policy rate earlier in September 2025 — and intermittent interventions in the FX market have helped stabilise volatility but have not eliminated the premium in the parallel market.

What it Means for Nigerians

Importers: A higher parallel rate raises landed costs for goods bought with dollars when they cannot access NFEM allocation.

Consumers: Businesses facing higher import bills may pass on costs to consumers, adding upward pressure on prices.

Remittances and travel: Individuals converting dollars informally will typically receive fewer naira per dollar than the official window offers, widening the effective cost of foreign currency.