Naira/Dollar rates today, November 3, as Naira opens new week weaker against Dollar
The Nigerian naira opened the week weaker against the US dollar, trading at ₦1,421.73 on the Daily Nigerian Foreign Exchange Market (NFEM) on Monday, November 3, 2025, according to data from the Central Bank of Nigeria (CBN).
Many dealers in Lagos were reportedly buying around ₦1,440 and selling at ₦1,450, showing a noticeable difference from the official rate.
Official vs. Parallel Market Rates
The NFEM rate—used as the official benchmark by the CBN—stood at ₦1,421.73 per $1, serving as the reference point for banks and formal foreign exchange transactions.
However, the parallel market, also known as the black market, reflected higher rates, with some reports quoting up to ₦1,515 per dollar.
This means consumers and importers relying on street dealers are paying significantly more to obtain foreign currency.
Market Activity and Price Gaps
Trading platforms showed intraday activities between ₦1,445 and ₦1,453, signalling limited liquidity and varying price discovery across markets.
Analysts attributed the widening gap between official and street rates to strong dollar demand from importers, remittance inflows, and CBN interventions.
Why the Gap Matters
The persistent difference between both markets continues to increase operating costs for businesses unable to access official rates. It also contributes to higher import prices and inflation.
For travellers and individuals buying from the parallel market, the gap translates to paying far above the CBN’s official exchange rate.
