The Nigerian currency, the Naira, opened the week with continued pressure in the unofficial foreign exchange market, commonly known as the black market or parallel market.
The Dollar to Naira exchange rate on the parallel market for Monday, November 24, 2025, is trading around a central rate that is significantly weaker than the official rate recorded on the Nigerian Foreign Exchange Market (NFEM).
Key Parallel Market Rates:
Buying Rate (Dealers Buy from Public): ₦1,450 to ₦1,460 per $1
Selling Rate (Dealers Sell to Public): ₦1,470 to ₦1,480 per $1
These rates are subject to slight fluctuation depending on the location (e.g., Lagos, Abuja, Kano) and the volume of currency being exchanged.
Market Summary & Analysis
The Naira’s value in the parallel market remains under severe strain, driven by a persistent shortage of foreign currency supply despite reforms aimed at unifying the country’s multiple exchange rate windows.
NFEM Official Rate Context:
For comparison, data from the Nigerian Foreign Exchange Market (NFEM) for the previous working day showed the official Investors’ and Exporters’ (I&E) Window rate closing around ₦1,452.68 per $1 (as of November 23, 2025, UTC close). The notable gap between the official and parallel rates, while relatively narrow compared to historic lows, indicates that foreign currency demand in the retail and informal sectors is still being predominantly served by the black market.
What’s Next for the Naira?
Currency traders are closely watching the Central Bank of Nigeria’s (CBN) next policy decisions, especially concerning liquidity injections and interest rate adjustments. Analysts suggest that until a substantial and consistent increase in dollar supply is evident from oil revenue or foreign investment, the parallel market will continue to be a crucial barometer for the Naira’s true valuation.
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