The naira traded at about ₦1,456 to the US dollar on the official Nigerian Foreign Exchange Market (NFEM) on Monday, November 24, 2025. In the Lagos parallel market, dealers sold the dollar at around ₦1,465, with some offering slightly higher depending on cash availability.
What the rates mean
Official (NFEM) rate: About ₦1,456 per $1.
Parallel market rate: Around ₦1,465 per $1 in Lagos.
Recent movement
The naira has been relatively stable in the mid-₦1,400 range in recent days. This comes after a volatile period earlier in the year. Market watchers say intraday swings have reduced a bit as FX liquidity improved slightly.
Why the naira is where it is
CBN policy:
The Central Bank’s actions and published NFEM rates continue to guide pricing in the official market. Recent interventions and allocation rules have helped calm the market.
FX supply:
Dollar inflows from oil sales and foreign investors remain inconsistent. When inflows improve, pressure on the official market eases; when they drop, more buyers turn to the parallel market.
Parallel market demand:
High cash demand, scarcity of small-dollar notes, and the need for quick settlements keep the parallel market slightly above the official rate. The gap between both markets still changes day by day.
What it means for Nigerians
The difference between the two markets affects the cost of imports, school fees, travel, and remittances. People who cannot access dollars at the official window often pay more in the parallel market. Experts advise using authorised channels and keeping an eye on official CBN updates, especially for large transactions.
Read Also;
Dollar to Naira exchange rate today, November 21, 2025
What to expect
Analysts say the naira’s short-term direction will depend on:
Upcoming CBN FX allocations and announcements
Foreign investor inflows into government and corporate securities
Oil export earnings and global crude prices
A major shift in any of these could move both official and parallel market rates very quickly.
