The naira closed at about ₦1,451 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM) on November 20, 2025, while the black market rate hovered around ₦1,475.
What happened today
– Official market (NFEM): The naira settled at ₦1,451/$1, based on the CBN’s volume-weighted average rate, which serves as the official benchmark.
– Parallel market: Traders in the informal market sold the dollar at around ₦1,475, creating a gap of roughly ₦24–₦26 between both markets.
Why the gap matters
Nigeria still runs a dual FX structure:
1. The official NFEM/NAFEX window for approved transactions.
2. The parallel market, where individuals and smaller businesses often source dollars.
A wider gap can push up import costs, hurt business margins, and feed into inflation. A smaller gap usually reduces pressure on prices. The CBN notes that the NFEM rate reflects actual traded volumes, not a fixed peg.
Read Also;
Dollar to Naira exchange rate today, November 18, 2025
Market trend
FX dashboards and financial platforms showed relatively mild movements this week. Official rates remained in the mid-₦1,400 range, while the black market stayed in the upper-₦1,400s. The market still shows some volatility, but it has been fairly contained, with parallel market quotes ranging roughly between ₦1,450 and ₦1,468 on nearby trading days.
