The naira closed Friday’s session at ₦1,441.33 per US dollar at the official Daily Nigerian Foreign Exchange Market (NFEM), unchanged from its opening level on November 14, 2025.
In the informal market, however, the currency continued to trade at a premium. Parallel-market operators in major commercial hubs quoted the dollar at about ₦1,450 on the buy side and up to ₦1,460 on the sell side — leaving a margin of roughly ₦18 to ₦28 above the official rate. Black-market trackers reflected similar averages over November 13 and 14, showing trades clustered between ₦1,455 and ₦1,460.
A Spread That Refuses to Close
Despite relative calm at the NFEM window this week, the gap between official and parallel rates has endured. Dealers attributed the divergence to persistent cash-dollar demand outside regulated channels, as well as short-term hedging by importers. While liquidity appears more predictable in official markets, pressure from informal demand continues to hold the parallel rate higher.
Factors Steering the Market
Foreign-exchange traders cited a combination of domestic and external influences shaping the naira’s trajectory. These include FX sales and liquidity support measures by monetary authorities, retreating global oil prices, and shifts in dollar strength internationally. Analysts also pointed to the Central Bank’s recent monetary easing, which has altered local yields and influenced portfolio movements. Intermittent FX interventions have helped steady the NFEM rate and prevent sharp price swings.
What to Watch in the Days Ahead
With the official window anchored around ₦1,441 and street-level quotes hovering near ₦1,455–₦1,460, market observers say the naira’s short-term path will depend on several levers: the volume of FX liquidity provided by the CBN, fresh dollar inflows from oil and portfolio investors, and corporate demand for hedging and imports. Any notable change in global crude prices or a new policy step from the Central Bank could alter the current premium between the two markets — tightening it or widening it further.
