Pressure on the naira persisted in the unofficial foreign exchange market on Monday, November 24, 2025, with parallel-market rates trading weaker than the levels recorded on the Nigerian Foreign Exchange Market (NFEM).
Black market rates
Buying Rate (Dealers buying from the public): ₦1,450 – ₦1,460 per $1
Selling Rate (Dealers selling to the public): ₦1,470 – ₦1,480 per $1
These rates may vary slightly across locations such as Lagos, Abuja, and Kano, and can also shift based on transaction volume.
In contrast, data from the NFEM showed that the official Investors’ and Exporters’ (I&E) Window closed at approximately ₦1,452.68 per $1 on November 23, 2025 (UTC close).
Although the gap between the official and parallel-market rates has narrowed compared to historic levels, it remains significant enough to suggest that retail and informal sector demand for foreign currency continues to be largely met by the black market.
Nigeria’s broader FX landscape displayed mixed signals over the past week. Persistent demand pressures kept the naira under strain across both official and parallel windows, even as external reserves posted a modest but steady rise, reaching $44.19bn as of Thursday.
Central Bank of Nigeria (CBN) data shows that reserves increased from $43.64bn on November 14 to $44.19bn, representing a 1.26% gain within days.
Currency traders are now closely observing upcoming CBN policy actions, particularly those related to liquidity management and potential interest rate adjustments.
