Dollar to Naira: Exchange Rate Holds at ₦1,450 Officially, Up to ₦1,474 on Parallel Market — November 21, 2025

The naira hovered around ₦1,450 per dollar on Friday, November 21, 2025, in Nigeria’s official Nigerian Foreign Exchange Market (NFEM), while Lagos-based parallel market traders quoted the U.S. currency between ₦1,460 (buy) and ₦1,474 (sell).

Key Figures:

• Official NFEM (volume-weighted) rate: ~₦1,450/$1
• Parallel market: ~₦1,460 (buy) to ~₦1,474 (sell)

Market Activity:
The NFEM’s volume-weighted rate — calculated from recorded transactions and published by the Central Bank of Nigeria (CBN) — remained stable in the mid-₦1,400 range, according to market monitors. In the parallel market, traders continued offering dollars at slightly higher prices, driven by persistent demand from importers, retail FX users, and remittance transactions occurring outside official channels.

Why Rates Differ:
Experts attribute the continued gap between the official and informal markets to limited FX inflows and strong dollar demand for imports and personal transfers. Despite CBN measures — including September’s policy rate cut and occasional FX interventions — liquidity constraints in the official window have sustained the parallel market premium.

Implications for Nigerians:

• Importers: Higher black-market rates increase the cost of goods when businesses are unable to obtain FX at official prices.
• Consumers: Rising import expenses may translate into higher retail prices, adding pressure on household budgets.
• Remittances & Travel: Individuals exchanging dollars informally receive fewer naira per dollar compared to NFEM rates, effectively raising the cost of foreign currency for travel, tuition, and other expenses.

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