The naira traded broadly steady on Friday, November 7, 2025, with the official Nigerian Foreign Exchange Market (NFEM) — the Central Bank of Nigeria’s volume-weighted average price — around ₦1,437–₦1,444 to the US dollar, market platforms and central-bank data show.
At the parallel (black-market) window in Lagos and other commercial centres, dealers quoted the greenback between roughly ₦1,440 (buy) and ₦1,455 (sell) per dollar, though some informal sources reported isolated trades as high as about ₦1,515. That put the informal market roughly ₦10–₦70 weaker than the NFEM mid-point on Friday.
What moved markets today
Market participants said the naira’s relative stability this week followed strong inflows into the official window and continued policy guidance from the Central Bank after a September move to start easing interest rates — steps that have helped calm FX volatility since mid-2025. Analysts also noted that activity in the parallel market remains influenced by local dollar demand for imports and fuel, and by shifts in confidence among bureau-de-change operators.
How this affects Nigerians
Importers and businesses sourcing inputs in dollars are still paying a spread above the official VWAP if they use parallel channels; corporates with access to NFEM liquidity therefore continue to enjoy lower dollar costs than users forced to buy from informal dealers. Retail travellers and people sending/receiving small remittances will commonly find rates closer to the parallel-market quotes cited above.
What to watch next
FX watchers say the next drivers for the naira will be (1) CBN liquidity in the NFEM and any further policy steps, (2) oil-receipts and foreign-exchange inflows from exports and foreign investors, and (3) demand pressures from fuel and importers that sometimes push traders back to the parallel market. Recent headlines about fuel sales and refinery policy have also been flagged by analysts as a potential source of renewed dollar demand.
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