The naira traded modestly weaker on Tuesday, November 11, 2025, as Nigeria’s official Daily Foreign Exchange Market (NFEM) — the volume-weighted average used as the day’s benchmark — closed around ₦1,436.58 to the US dollar, according to the Central Bank of Nigeria (CBN).
In the parallel (black/BDC) market, dealers in Lagos and other commercial centres quoted the dollar in a wider band, with commonly reported rates ranging from roughly ₦1,445 (buy) up to ₦1,469 (sell) and spot reports showing trades clustering near ₦1,460–₦1,465. Regional variance meant some dealers were offering dollars as high as about ₦1,515 in isolated reports.
The gap, or premium, between the official NFEM rate and the parallel market widened this week to around ₦28–₦30 per dollar — a reflection of constrained FX inflows and continued demand pressures outside formal windows.
Banks and authorised dealers continue to reference NAFEX/NAFEM and I&E window fixes for corporate and large-ticket flows; commercial bank counter sheets also showed bid-offer spreads near the mid-₦1,440s for inter-dealer quotes earlier in the day. A Citibank daily counter bulletin posted rates in the ₦1,442–₦1,448 band on November 10, illustrating how institutional quotes remain a touch firmer than street prices.
Market watchers say the naira’s movement this week reflects weaker weekly FX liquidity — with weekly inflows reported down about 15.7% — and lingering demand from importers and invisible payments. Until official inflows strengthen, analysts expect the parallel market premium to remain a feature of daily trading.
What this means for consumers and businesses
Small-dollar buyers should expect to pay the parallel market rate (₦1,445–₦1,469) where banks cannot supply cash.
Corporates transacting through the I&E/NAFEX windows will generally see slightly firmer institutional quotes (mid-₦1,440s), but execution depends on bank access and paperwork.
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