Dollar to Naira: Naira Weakens Slightly as FX Supply Tightens
The naira traded lower on Tuesday, November 11, 2025, as activity in Nigeria’s official Daily Foreign Exchange Market (NFEM) closed at approximately ₦1,436.58 to the US dollar, according to data published by the Central Bank of Nigeria (CBN).
In the parallel market, dollar sellers in Lagos and other major commercial hubs traded within a wider band. Rates ranged from about ₦1,445 (buy) to ₦1,469 (sell), with many street transactions clustering around ₦1,460–₦1,465. Some isolated dealers quoted rates as high as ₦1,515.
The spread between the official NFEM rate and the parallel market widened this week to roughly ₦28–₦30 per dollar, indicating persistent FX scarcity and strong demand outside formal channels.
Commercial banks and authorised dealers continued referencing NAFEX/NAFEM and the Investors and Exporters (I&E) window for corporate transactions. A Citibank bulletin sighted on November 10 showed institutional quotes around ₦1,442–₦1,448, slightly firmer than street prices.
Analysts say the weakening trend reflects reduced weekly FX inflow — down by about 15.7% — and sustained demand pressures from importers and those making invisible payments. They note that until inflows improve, the rate gap between official and parallel markets may persist.
What consumers and businesses should expect
Small-dollar buyers relying on cash may have to transact at parallel market rates around ₦1,445–₦1,469.
Businesses using the I&E/NAFEX windows could access slightly stronger institutional rates in the mid-₦1,440s, depending on documentation and bank allocation.
