The US dollar traded at approximately ₦1,400 on Nigeria’s parallel market on Friday, November 6, 2026, while the naira closed at ₦1,348.74 per dollar on the official Nigerian Foreign Exchange Market (NFEM) on Thursday.
Data from the Central Bank of Nigeria (CBN) showed that the naira exchanged at ₦1,348.74 per dollar at the close of trading on Thursday, November 5, reflecting a slight depreciation from the previous session.
The NFEM rate, calculated using the volume-weighted average of foreign exchange transactions, serves as Nigeria’s official exchange rate benchmark.
Meanwhile, in the parallel market, popularly known as the black market, currency dealers quoted the dollar at around ₦1,400 on Friday.
However, actual exchange rates may vary depending on the location, individual dealers and the availability of foreign currencies.
The difference between the official and parallel market rates highlights the continued demand for foreign exchange outside the formal banking system.
Importers, businesses, students studying abroad and individuals making international payments remain particularly sensitive to movements in the exchange rate, as fluctuations affect the cost of goods, services, tuition fees and other foreign currency transactions.
Both exchange rates remain subject to changes throughout the day, depending on market activity, foreign exchange supply and demand.
