The naira maintained relative stability against the U.S. dollar on Tuesday, November 4, 2025, trading around ₦1,444 per dollar in Nigeria’s official Daily Nigerian Foreign Exchange Market (NFEM). In the parallel (black) market, the U.S. dollar was exchanged between ₦1,435 and ₦1,450, reflecting a steady session following recent monetary policy actions by the Central Bank of Nigeria (CBN).
Key Exchange Rates
Official (NFEM) rate: ₦1,444 per US$1
Parallel market rate: Buy at ₦1,435; Sell at ₦1,450
Understanding the Rates
The NFEM rate—Nigeria’s official volume-weighted average price published by the CBN—serves as the benchmark for institutional and corporate foreign exchange transactions. Meanwhile, the parallel market caters primarily to retail cash buyers and individuals, where rates typically trade slightly above official levels due to demand and liquidity factors.
Why the Market is Steady
After months of volatility through 2024 and early 2025, the naira’s performance has stabilized. Analysts attribute this to CBN’s active interventions in the FX market, improved dollar inflows, and gradual monetary policy adjustments. These efforts have helped ease pressure on the currency, even as inflation trends and global oil prices continue to shape investor sentiment.
Impact on Individuals and Businesses
At the NFEM mid-market rate, purchasing US$100 costs about ₦144,400. On the parallel market, the same amount ranges between ₦143,500 and ₦145,000, depending on the dealer.
Businesses and importers are encouraged to source foreign exchange through official platforms such as NFEM, FMDQ, or CBN-approved channels to avoid higher costs and compliance risks. Individuals making remittances or dollar purchases should also compare official bank transfer rates—which use interbank prices plus transaction fees—with street market offers to determine the best overall value.
