The naira continued to operate in a two-tier exchange market on Thursday, November 27, 2025, with the official and parallel market rates drifting in different directions.
At the official Daily Nigerian Foreign Exchange Market (NFEM), the naira closed in the mid-₦1,400s, with the latest volume-weighted average settling around ₦1,446 per dollar.
However, on the parallel market, the naira remained weaker, as traders in major hubs like Lagos sold the dollar between ₦1,460 and ₦1,465.
What’s Driving the Spread?
Official data shows the NFEM rate has been relatively stable in the mid-₦1,400s this week, with only minor daily swings. The NFEM figure, calculated and published by the Central Bank of Nigeria, reflects average prices from formal trading volumes.
On the street, though, demand remains stronger than supply, causing the dollar to trade at a premium. Black-market trackers reported sales around ₦1,464–₦1,465, meaning Nigerians who source dollars informally are paying noticeably more than the official rate.
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Dollar to Naira exchange rate today, November 26, 2025
Why This Matters
The gap between the official and parallel market rates highlights the ongoing challenges with dollar liquidity and access in the formal market. This difference affects:
Importers, who often pay more when forced to buy dollars on the street.
Businesses, whose costs rise when the parallel market becomes their main source of FX.
Travellers and individuals, who face higher expenses for dollar-denominated needs.
Recent data also shows the official rate has stayed mostly within the mid-to-high ₦1,400s, while the parallel market has consistently traded above ₦1,460, with mild day-to-day volatility but no major shock as of November 27.
