Nigeria’s official foreign exchange market opened the new week with the naira trading around ₦1,436–₦1,437 to the US dollar on Monday, November 10, 2025. Meanwhile, the parallel (black/BDC) market continued to sell the dollar at higher rates, ranging between ₦1,460 and ₦1,470 depending on the location and the dealer.
Key Numbers
Official NFEM rate (volume-weighted): ₦1,436–₦1,437/$1
Parallel/BDC market:
Buy: ₦1,450–₦1,458
Sell: ₦1,460–₦1,470
What’s Happening
The official FX window — the Nigerian Foreign Exchange Market (NFEM) — stayed relatively stable in the mid-₦1,430s. Dollar inflows from exporters and remittances helped keep liquidity steady.
In contrast, higher demand for physical cash in the BDC market pushed street rates upward, maintaining the gap between official and parallel rates.
Why the Gap Remains
Experts say the difference is caused by a mix of structural and short-term factors. These include:
Reduced subsidy-related pressure
Improved dollar inflows from non-oil sectors
Recent Central Bank policies
Limited access to small-dollar cash
Fragmented liquidity in the BDC market
Global market conditions and foreign capital inflows also play a big role in short-term movements.
Impact on People and Businesses
Importers and businesses that need cash dollars still price goods using the higher parallel-market rates.
People receiving remittances often get better rates when cash is involved.
Traders and corporates track the NFEM for official reporting but look at BDC prices for immediate cash needs.
Read Also;
Dollar to Naira exchange rate today, November 8, 2025
Over the past week, the naira has moved between the mid-₦1,430s and mid-₦1,460s. Although cash demand creates occasional spikes in the parallel market, recent Central Bank efforts — including policy adjustments earlier in the year — have helped reduce overall volatility.
A more permanent narrowing of the gap, however, will depend on consistent, reliable dollar supply.
