The Nigerian naira traded near the mid-₦1,400s against the United States dollar on Wednesday, November 26.
The official Daily Nigerian Foreign Exchange Market, which uses the volume-weighted average price, was quoted around ₦1,452–₦1,456 per $1. Meanwhile, parallel (black-market) dealers quoted the greenback between about ₦1,455 and ₦1,468.
Official NFEM data published by the Central Bank of Nigeria shows the daily VWAP, which serves as the official benchmark for many transactions, remaining in the mid-₦1,400s on Wednesday.
This indicates relative stability in formal market liquidity. Traders and platforms monitoring the parallel market reported slightly wider quotes, with cash dealers buying dollars in the low-₦1,450s and selling in the high-₦1,460s. Dealers were buying between ₦1,450–₦1,455 and selling between ₦1,460–₦1,468.
The NFEM VWAP is utilized by banks, importers, and some government agencies for pricing dollar-linked transactions. In contrast, the parallel market rate significantly influences remittances, retail FX needs, and informal foreign-exchange activity. Given that consumer prices and monetary policy remain prominent in investors’ minds, minor fluctuations in either the official or parallel rates can impact import costs and inflation dynamics.
Analysts suggest that the naira’s current levels are maintained by a combination of factors. These include the continued CBN management of official FX windows, improved FX liquidity in recent weeks, and clear monetary-policy signals. The CBN’s recent decisions regarding rates and corridor adjustments, which are part of efforts to contain inflation and stabilize FX, are currently shaping investor expectations and bank pricing. Reuters coverage of the central bank’s recent policy stance highlights the role of monetary policy in exchange-rate stability.
For importers, an NFEM rate near ₦1,452–1,456 provides clearer budgeting for landed costs when accessing official FX. Small businesses and individuals, however, who rely on cash or informal channels, may still see costs tied to parallel quotes in the high ₦1,460s.
