The naira traded around ₦1,450 to the United States dollar in Nigeria’s official Nigerian Foreign Exchange Market on Friday, November 21, 2025, while the Lagos parallel market quoted the dollar between about ₦1,460 to buy and ₦1,474 to sell.

Data from the market indicates that the official NFEM volume-weighted rate stood at about ₦1,450 per dollar on November 21, 2025.

In the alternative sector, parallel market dealers were recorded buying at approximately ₦1,460 and selling up to roughly ₦1,474.

The official NFEM rate, which is the Central Bank of Nigeria’s daily volume-weighted price derived from transactions in the formal market, remained near the mid-₦1,400s on Friday, according to market trackers.

Traders in Lagos’ parallel market continued to offer dollars at modestly higher levels, reflecting ongoing demand pressure from retail FX needs, importers, and remittance flows outside the formal system.

Analysts say the spread between the NFEM rate and the parallel market has been driven by constrained FX inflows into formal channels and strong dollar demand for imports and personal transfers.

These experts observed that recent CBN policy moves, including the decision to cut the policy rate earlier in September 2025 and intermittent interventions in the FX market, have helped stabilise volatility but have not eliminated the premium in the parallel market.
The impact on importers is significant, as a higher parallel rate raises landed costs for goods bought with dollars when they cannot access NFEM allocation.

Consumers are also affected, as businesses facing higher import bills may pass on costs to consumers, adding upward pressure on prices.

Regarding remittances and travel, individuals converting dollars informally will typically receive fewer naira per dollar than the official window offers, widening the effective cost of foreign currency.