Naira Slides in Black Market, Appreciates at Official Window on Nov 26

The naira weakened slightly against the U.S. dollar on Wednesday, November 26, in the parallel market, even as it appreciated at the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,460/$1 for buying and ₦1,470/$1 for selling, representing a ₦5.33 depreciation from Tuesday’s closing rate of ₦1,465/$1.

At the official window, however, the local currency strengthened to ₦1,446/$1, an improvement from ₦1,453/$1 recorded the previous day.

Analysts said the divergence between the two markets highlights the widening gap in Nigeria’s forex landscape, reflecting sustained pressure on the currency. They attributed the continued volatility to speculative trading and lingering uncertainty over the Central Bank of Nigeria’s policy direction.