The Nigerian naira closed at an official NFEM (Nigerian Foreign Exchange Market) fixing of approximately ₦1,441.33 per US dollar on Friday, November 14, 2025—unchanged from the opening level earlier in the day.

Parallel Market Rates

In the parallel (black-market) segment, currency dealers quoted the U.S. dollar at around:

• ₦1,460 — selling rate
• ₦1,450 — buying rate

Across major cities, black-market tracker averages ranged between ₦1,455 and ₦1,460 from November 13 to 14, placing the parallel premium roughly ₦18–₦28 above the official fixing, depending on timing and location.

Why the Rate Gap Persists

The spread between official NFEM rates and parallel-market pricing has remained steady this week. Analysts attribute the difference to:

• Strong cash demand in informal channels
• Short-term hedging by import-dependent businesses
• Demand pressures occurring outside formal FX windows

Although liquidity in official channels has improved, informal market demand continues to push parallel rates higher.

Factors Influencing Today’s Market

Traders highlighted several forces shaping naira performance:

• CBN liquidity injections and FX sales helping stabilise the official fixing
• Weak global oil prices and fluctuations in dollar strength
• Domestic monetary policy easing earlier in the season, which affected yields and portfolio flows
• Occasional CBN interventions limiting volatility in the official market

Market Outlook

With the official market trading near ₦1,441 and parallel quotes around ₦1,455–₦1,460, analysts say the short-term direction of the naira will depend on:

1. CBN FX liquidity and additional dollar sales
2. Oil-sector inflows and foreign portfolio investment
3. Importer demand and corporate hedging activity

Any significant movement in global oil prices—or a new monetary policy signal from the Central Bank—could either narrow or widen the current premium between the NFEM window and the parallel market.