The naira traded at about ₦1,450 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM) on Friday, November 21, 2025. In the Lagos parallel market, traders bought the dollar at around ₦1,460 and sold it for as high as ₦1,474.
Quick Facts
Official NFEM rate: ~₦1,450 per $1
Parallel market: ~₦1,460 (buy) to ~₦1,474 (sell)
What happened today
The official NFEM rate, which reflects the Central Bank of Nigeria’s daily volume-weighted average from formal market transactions, stayed in the mid-₦1,400 range. Meanwhile, Lagos black-market dealers continued to quote slightly higher prices as demand from importers, retail FX users and informal remittance channels remained strong.
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Dollar to Naira exchange rate today, November 20, 2025
Why the gap remains
Market analysts say the difference between the official and parallel rates is largely due to limited FX inflows and persistent demand for dollars. Although recent CBN actions — including a policy rate cut in September 2025 and occasional market interventions — have helped reduce volatility, they haven’t fully closed the gap between both markets.
What this means for Nigerians
Importers: A higher parallel rate raises the cost of bringing goods into the country, especially when formal FX is inaccessible.
Consumers: Businesses facing higher import expenses may increase prices, putting more pressure on household budgets.
Remittances and travel: People exchanging dollars informally get fewer naira than the official rate offers, making foreign currency effectively more expensive.
