Nigeria’s official Daily Foreign Exchange Market (NFEM) rate opened the week around ₦1,436–₦1,437 to the US dollar on Monday, November 10, 2025, while the parallel (black/BDC) market continued to trade the dollar roughly between ₦1,450 and ₦1,470 depending on location and dealer.
Key figures
NFEM/official (volume-weighted average): about ₦1,436–₦1,437 per $1.
Parallel/BDC (reported ranges): buy ₦1,450–₦1,458; sell ₦1,460–₦1,470.
What happened today
The official FX window — the Daily Nigerian Foreign Exchange Market (NFEM) — remained close to the mid-₦1,430s, reflecting steady dollar inflows from exporters and remittances that kept official liquidity intact. At the same time, dollar demand in cash-heavy city BDC markets pushed parallel-market quotes higher, producing the persistent spread between the official and street rates.
Why the gap persists
Analysts point to a mix of structural and cyclical factors: the end of subsidy-related pressures, improved dollar inflows linked to higher non-oil earnings, and recent policy moves by the Central Bank of Nigeria. But limited access to small-dollar cash and the fragmented nature of BDC liquidity keep parallel-market premiums in place. International market sentiment and capital flows remain important drivers of short-term moves.
How this affects consumers and businesses
Importers and firms needing physical dollars still factor in the parallel-market premium when pricing and sourcing goods.
Remittance recipients often get rates closer to the parallel market when cash is required immediately.
Traders and FX desks monitor the NFEM rate for contractual and official reporting while using BDC quotes to assess immediate cash needs.
Over the past week the dollar–naira has fluctuated in the mid-₦1,430s to mid-₦1,460s, with occasional spikes in the parallel market when local cash demand rises. The Central Bank’s measures to improve FX liquidity and recent macroeconomic signals (including an interest-rate shift earlier in the fall) have helped reduce volatility compared with earlier in 2025, but a permanent narrowing of the spread depends on sustained, predictable dollar supply.
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