The naira opened trading on Thursday, November 12, 2026, under continued demand pressure at both the official Nigerian Foreign Exchange Market and the parallel market.
The wider spread seen earlier in the week remained in place.
Data from the Central Bank of Nigeria showed that the local currency entered the day’s session at the official window within a band of ₦1,350.36 to ₦1,353.50 per dollar.
Early on Thursday, international currency feeds recorded spot quotes hovering near ₦1,345.72 per dollar.
Official NFEM benchmarks, however, reflect the closing figures from the previous trading session while the day’s official fixing is awaited.
Earlier in the week, trading at the official window saw intraday movements between ₦1,349.25 and ₦1,354 per dollar. Interbank turnover reached $248.07 million across 144 deals.
In the parallel market, widely known as the black market, the naira continues to trade at a steep discount to the official rate. Currency dealers in Lagos and Abuja quoted the dollar at between ₦1,411 and ₦1,420 for buying.
Selling rates ranged from ₦1,419 to ₦1,430 per dollar, depending on transaction volume and location.
The figures leave a gap of roughly ₦68 to ₦80 per dollar between the official NFEM benchmark and street-level rates.
Market analysts attribute the recent weakness of the local currency to higher seasonal foreign exchange demand from importers and travellers ahead of the year-end period. They also point to outflows of foreign portfolio investment and a firmer US dollar globally.
The parallel market touched a 10-month low of ₦1,430 per dollar this week.
Despite the dip, Nigeria’s gross external reserves remain strong at about $54.9 billion. The figure is well above the CBN’s full-year target of $51.04 billion and offers a substantial buffer to support market liquidity through the rest of the fourth quarter.
