The exchange rate between the Naira and the US Dollar remained relatively stable across major foreign exchange windows today, Thursday, December 11, 2025, as the gap between the official and parallel markets continues to narrow.
Official Market (NFEM)
According to data from the FMDQ Securities Exchange, the Naira is trading at approximately ₦1,451.86 per dollar in the Nigerian Foreign Exchange Market (NFEM). This represents a consolidated stability for the local currency, which has hovered within the ₦1,450 – ₦1,452 band throughout the week.
Market activity indicates improved liquidity, with the intraday high and low rates showing reduced volatility compared to previous quarters. Analysts attribute this steadiness to sustained foreign capital inflows, which recently hit a year-to-date high of over $20 billion, and the Central Bank of Nigeria’s (CBN) successful structural overhaul of the Bureau de Change (BDC) segment.
Parallel Market (Black Market) Rates
In the parallel market, widely known as the black market, the US Dollar is currently exchanging hands at an average selling rate of ₦1,490 and a buying rate of ₦1,475.
Data tracked from street traders and platforms such as AbokiFX shows that the spread between the official and parallel market rates has shrunk to roughly ₦35 – ₦40. This convergence is a key indicator of improved market efficiency and reduced arbitrage opportunities, a primary goal of the CBN’s monetary reforms.
Key Exchange Rates at a Glance
NFEM (Official) Rate: ₦1,451.86 / $1
Black Market Buying Rate: ₦1,475 / $1
Black Market Selling Rate: ₦1,490 / $1
Pound Sterling (Black Market): ₦1,970 / £1
Euro (Black Market): ₦1,725 / €1
Market Outlook
The stability witnessed in early December 2025 is bolstered by Nigeria’s growing external reserves, which now stand at approximately $45.3 billion. Financial experts note that while demand for foreign exchange typically spikes during the holiday season, the current liquidity levels and the CBN’s strict regulatory framework for BDC operators are effectively cushioning the Naira against sharp depreciation.
Investors remain cautiously optimistic, with attention turning to the US Federal Reserve’s upcoming policy decisions, which could further soften the dollar globally and benefit emerging market currencies like the Naira.
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