The Nigerian naira traded at ₦1,421.73 to the United States dollar on the Daily Nigerian Foreign Exchange Market on Monday, November 3, 2025, according to data published by the Central Bank of Nigeria.

Across the parallel (street/black) market in Lagos and other major cities, traders quoted a range for the dollar between about ₦1,440 and ₦1,515 depending on location and volume—with many Lagos dealers reported buying around ₦1,440 and selling around ₦1,450 on Monday. These street figures are above the official NFEM average but vary by source and time of day.

The NFEM rate—the volume-weighted average used by the CBN as the official counter—stood at ₦1,421.73 per $1 on November 3, 2025. This rate is the baseline for banks and formal FX transactions.

The parallel market, where bureaux-de-change and street dealers transact, is trading notably higher than the NFEM today; reported street quotes ranged from roughly ₦1,440 to as high as ₦1,515 in some local reports.

Consumers and importers relying on the parallel market therefore face higher costs when buying US dollars.

Market-monitoring services and trading platforms showed intraday USD/NGN activity with a trading band roughly from ₦1,445 to ₦1,453 on electronic platforms—reflecting liquidity strains and fragmented price discovery across venues.

Analysts point to a combination of dollar demand from importers, remittance flows, and central-bank intervention as drivers of the gap between official and parallel rates.

A persistent spread between the NFEM and the parallel market raises costs for businesses that cannot access dollars at the official counter and can push up import prices and inflation.

For individuals, the gap means travellers and those buying FX on the street will pay substantially more than the official rate.