Black Market Update: Dollar to Naira Exchange Rate for Monday, November 24, 2025

The Naira began the new week under renewed pressure in the informal foreign exchange market, commonly referred to as the black market or parallel market.

On Monday, November 24, 2025, the Dollar to Naira exchange rate in the parallel market hovered around levels notably weaker than the official benchmark recorded on the Nigerian Foreign Exchange Market (NFEM).

Parallel Market Rates:

• Buying Rate (Dealers buy USD): ₦1,450 – ₦1,460 per $1
• Selling Rate (Dealers sell USD): ₦1,470 – ₦1,480 per $1

These figures may vary slightly depending on the city—such as Lagos, Abuja, or Kano—as well as transaction size.

Market Overview

The Naira continues to face downward pressure on the parallel market due to ongoing shortages in foreign exchange supply, despite government reforms aimed at narrowing the gap between the official and unofficial exchange windows.

Official NFEM Reference Rate

For comparison, the official Investors’ and Exporters’ (I&E) Window closed at approximately ₦1,452.68 per $1 on Friday, November 23, 2025 (UTC close). Although the disparity between the official and black market rates has narrowed from previous extremes, demand for retail-level foreign currency remains largely dependent on the parallel market.

Outlook for the Naira

Market watchers are anticipating the Central Bank of Nigeria’s (CBN) next policy announcements, particularly regarding liquidity provisions and potential interest rate adjustments. Analysts warn that unless Nigeria sees a steady rise in FX inflows—whether from oil revenues or foreign investment—the parallel market will continue to play a major role in determining the Naira’s practical value.

Opinion Nigeria News