The Nigerian naira was actively traded at approximately ₦1,456 to the US dollar in the official Daily Nigerian Foreign Exchange Market on Tuesday, November 25, 2025.

In contrast, the parallel, or black market, quoted the greenback between ₦1,455 and ₦1,465.

The NFEM’s official volume-weighted average price was roughly ₦1,456 per $1. Parallel market dealers indicated they were buying around ₦1,455 and selling near ₦1,465.

Trading in the official NFEM remained largely consistent with the previous week’s levels, supported by foreign-exchange inflows that, while slower, were deemed adequate to maintain the volume-weighted official rate. Market observers noted that the disparity between the official window and the cash/parallel market had compressed slightly this week but still signals persistent retail demand outside formal channels.

Analysts attribute the market conditions to a blend of elements, including weaker weekly dollar inflows into the formal FX market and continued retail demand in the parallel market. They also cite the enduring impact of earlier monetary policy interventions by the Central Bank of Nigeria. The CBN’s September policy rate cut and subsequent liquidity adjustments have contributed to stabilise broader market conditions, even as daily dollar supply fluctuates.

Consumers and small businesses relying on remittances and informal cash transfers will continue to be affected by the parallel market spread, as they end up paying or receiving at rates that are typically at a premium (or discount) to the NFEM rate. Conversely, importers and corporations accessing foreign exchange via official windows should anticipate transaction prices close to the NFEM/VWAP figure. However, periods of limited dollar availability may sometimes push some demand into the parallel market, raising costs for imported inputs.

Traders anticipate that the immediate direction of the naira will hinge on key factors: the size of weekly dollar inflows, the CBN’s operations within the FX and money markets, and seasonal demand patterns as the year concludes.

They added that If inflows pick up and the CBN maintains liquidity support, the official rate may hold steady; otherwise, retail pressure could push parallel quotes higher.