The naira traded around ₦1,444 to the US dollar in Nigeria’s official Daily Nigerian Foreign Exchange Market (NFEM) on Tuesday, November 4, 2025, while the parallel (black) market quoted the greenback at about ₦1,435–₦1,450. These rates reflect a largely stable session after recent policy moves by the Central Bank of Nigeria (CBN).
Key rates
NFEM (official VWAP): ₦1,444 per US$1.
Parallel/black market: buy ₦1,435; sell ₦1,450.
What the numbers mean
The NFEM rate (the volume-weighted average price published by the CBN) is the official market benchmark for corporate and wholesale FX transactions in Nigeria. Retail cash traders and individuals who buy dollars on the street use the parallel market, where rates typically trade at a premium to the NFEM.
Why rates are steady
After several months of volatility in 2024–2025, the naira has steadied partly because of CBN interventions and incremental easing of monetary policy earlier this year. Analysts say central-bank dollar sales and improved foreign inflows have helped reduce pressure on the currency, even as inflation and global oil prices continue to influence market sentiment.
How this affects you
If you buy US$100 at the NFEM mid-market level, it costs about ₦144,400.
Buying US$100 on the parallel market would cost roughly ₦143,500–₦145,000 depending on the dealer (buy vs sell quoted rates).
Businesses and importers should prioritise FX from authorised channels (NFEM/FMDQ/CBN windows) to avoid premium costs and compliance risk.
Individuals making remittances or currency purchases should compare bank transfer quotes (which use interbank/NFEM rates plus fees) with cash market quotes to find the best total cost.
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