The naira strengthened on Saturday, November 1, 2025, closing at ₦1,421.73 per US dollar on the Nigerian Foreign Exchange Market (NFEM) — the electronic/official FX window — while parallel-market (black-market) dealers in Lagos quoted the dollar roughly between ₦1,450 (buy) and ₦1,469 (sell).
What happened today
Data from Nigeria’s primary FX trading windows showed continued appreciation of the naira on the official market, with NFEM/EFEMS participants recording a closing rate of ₦1,421.73 on November 1 — an advance from late-October levels. The move extends a recent rally that market outlets attribute to stronger foreign exchange inflows and central bank interventions aimed at stabilising the market.
Meanwhile, the parallel market remained looser and more dispersed, with multiple rate trackers reporting sellers (aboki) offering dollars around ₦1,460–₦1,469 and some aggregators showing buying prices near ₦1,445–₦1,450. The gap between the official NFEM rate and parallel prices has narrowed but persists, reflecting ongoing segmentation between formal and informal FX channels.
Why the naira firmed
Market commentators cite a mix of drivers for the naira’s gains on the NFEM:
Improved FX supply — Higher autonomous inflows (remittances, portfolio flows and oil receipts) have bolstered liquidity in the official window.
Policy support and CBN operations — The central bank’s reforms and occasional direct dollar sales to the market have helped narrow volatility.
Investor sentiment — Easing global risk factors and a slight domestic disinflation trend have encouraged portfolio allocations back into naira assets.
What it means for Nigerians
Importers and businesses: The stronger official rate reduces the immediate naira cost of dollar-denominated imports when firms access the NFEM, but supply constraints and the parallel-market premium remain risks for companies dependent on informal channels.
Consumers and remitters: Remittances converted through official channels will fetch more naira than in prior months; shoppers relying on parallel dealers may still face higher rates.
Day-to-day outlook
Short-term FX moves will likely hinge on continued FX inflows, central bank participation, and global market sentiment. If inflows persist and the CBN maintains constructive market support, analysts expect the naira to hold or modestly strengthen on the NFEM; however, parallel market spreads may remain until liquidity fully converges across channels.
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