The naira traded at approximately ₦1,451 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM) on Wednesday, November 20, 2025. This figure represents the Central Bank of Nigeria’s volume-weighted daily reference rate for the market.
In the informal parallel market, the dollar exchanged for about ₦1,475, leaving a gap of roughly ₦24–₦26 between the two markets as traders continued to price hard currency actively outside the formal window.
Why the Difference Matters
Nigeria still operates a dual foreign exchange structure: the official NFEM/NAFEX window for regulated transactions, and the parallel market where individuals, SMEs, and bureaux de change source dollars. A wider spread often increases costs for import-dependent businesses and can feed inflation. A narrower spread, on the other hand, helps ease pricing pressures across the economy.
Market Movement and Trend
Market trackers indicated mild fluctuations this week. Official NFEM rates remained in the mid-₦1,400s, while parallel market quotes stayed in the upper ₦1,400s, showing moderate but steady volatility. Independent rate monitors also reported parallel market ranges between about ₦1,450 and ₦1,468 on days close to this trading session.
