The Naira began the new week under continued pressure in the unofficial foreign exchange market, popularly known as the black or parallel market.
Parallel Market Rates
Buying Rate (Dealers buy from the public): ₦1,450 – ₦1,460 per $1
Selling Rate (Dealers sell to the public): ₦1,470 – ₦1,480 per $1
These rates may vary slightly depending on the city—such as Lagos, Abuja, or Kano—and the volume of foreign currency being traded.
Market Overview
The Naira remains heavily strained in the parallel market due to an ongoing shortage of dollar supply. This is happening despite government efforts to unify Nigeria’s multiple exchange rate systems.
Official Market Comparison
Data from the Nigerian Foreign Exchange Market (NFEM) for the previous business day shows the official Investors’ and Exporters’ (I&E) Window closing at ₦1,452.68 per $1 (as of November 23, 2025).
Although the gap between official and black-market rates has narrowed compared to past volatility, demand for dollars—especially among retail users and small businesses—is still largely met through the parallel market.
Outlook
Traders are monitoring upcoming decisions from the Central Bank of Nigeria (CBN), particularly regarding liquidity injections and interest rate policies. Analysts say that unless there is a steady rise in dollar inflows from oil earnings or foreign investment, the parallel market will remain a key indicator of the Naira’s true market value.
