The Nigerian naira opened trading on Thursday, November 12, 2026, amid sustained demand for foreign exchange across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, keeping the gap between the two exchange rate windows relatively wide.
At the official market, data from the Central Bank of Nigeria (CBN) indicated that the naira was trading within the range of ₦1,350.36 to ₦1,353.50 per dollar, based on the latest available official figures. Meanwhile, early Thursday morning international currency feeds placed the dollar at approximately ₦1,345.72.
The official NFEM benchmark remains subject to updates as the day’s trading progresses, with the previous trading session’s closing figures serving as the latest reference point pending new market data. Earlier in the week, the official window recorded intraday movements between ₦1,349.25 and ₦1,354 per dollar, while interbank turnover stood at $248.07 million across 144 transactions.
In the parallel market, popularly known as the black market, the naira continued to trade at a weaker rate against the US dollar. Currency dealers in Lagos and Abuja quoted buying rates between ₦1,411 and ₦1,420 per dollar, while selling rates ranged from ₦1,419 to ₦1,430, depending on location, dollar availability and transaction volume.
Based on the reported figures, the difference between the official NFEM benchmark and parallel-market rates stood at approximately ₦68 to ₦80 per dollar, highlighting the persistent disparity between Nigeria’s official and informal foreign exchange markets.
Market analysts attribute the pressure on the naira partly to increased seasonal demand for foreign currency from importers, businesses and international travellers ahead of the year-end period. Foreign portfolio investment outflows and the relative strength of the US dollar in international markets have also contributed to the pressure on the local currency.
Despite these challenges, Nigeria’s gross external reserves reportedly remain strong at approximately $54.9 billion, exceeding the CBN’s stated full-year target of $51.04 billion. The reserve position provides an important buffer to support foreign exchange liquidity and strengthen the country’s capacity to meet external payment obligations.
As Thursday’s trading session progresses, businesses, investors and currency dealers will continue to monitor NFEM activity, foreign exchange liquidity conditions and further CBN updates for indications of the naira’s direction in the coming days.
