Pressure on the naira continued in the unofficial foreign exchange market, with the exchange rate for Monday, November 24, 2025, weaker than the official rate recorded on the Nigerian Foreign Exchange Market (NFEM).
The Black Market Rates showed dealers buying from the public between $1 = ₦1,450 to ₦1,460, and selling to the public between $1 = ₦1,470 to ₦1,480.
These rates “are subject to slight fluctuation depending on the location (e.g., Lagos, Abuja, Kano) and the volume of currency being exchanged.”
On the other hand, data from the Nigerian Foreign Exchange Market (NFEM) “for the previous working day showed the official Investors’ and Exporters’ (I&E) Window rate closing around ₦1,452.68 per $1 (as of November 23, 2025, UTC close).”
The article notes that the “notable gap between the official and parallel rates, while relatively narrow compared to historic lows, indicates that foreign currency demand in the retail and informal sectors is still being predominantly served by the black market.”
Nigeria’s foreign exchange market exhibited “mixed signals this past week, marked by persistent demand pressure that weakened the naira across the official and parallel windows, despite a consistent and modest increase in external reserves, which stood at $44.19bn as of Thursday.”
Despite the exchange rate volatility, data from the Central Bank of Nigeria (CBN) “indicated that the reserves moved from $43.64bn on 14 November to $44.19bn as of Thursday, a 1.26 per cent increase in days.”
Currency traders are “closely watching the CBN’s next policy decisions, especially concerning liquidity injections and interest rate adjustments.”
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