Naira to Dollar rate today, Friday, November 21, as naira gains in black market
The Nigerian naira traded around ₦1,450 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM) on Friday, November 21, 2025.
Meanwhile, the Lagos parallel, or black market, quoted the dollar between approximately ₦1,460 for buying and ₦1,474 for selling.
Official and Parallel Market Rates
Official NFEM rate (volume-weighted): Around ₦1,450 per $1 as of November 21, 2025.
Parallel market: Dealers offered $1 at roughly ₦1,460 (buy) and ₦1,474 (sell).
Market Activity on Friday
In the official NFEM, the Central Bank of Nigeria’s (CBN) daily volume-weighted price remained near the mid-₦1,400s. Traders noted that demand in Lagos’ parallel market kept dollar prices slightly higher.
This reflects ongoing pressures from retail foreign exchange needs, importers seeking hard currency, and remittance flows conducted outside formal channels.
Why the Rate Gap Persists
Experts attribute the persistent spread between the NFEM rate and parallel market to limited foreign exchange inflows through official channels and strong demand for dollars for imports and personal transfers.
While the CBN’s policy decisions — including the September 2025 policy rate cut and intermittent market interventions — have reduced volatility, the premium in the parallel market remains noticeable.
Implications for Nigerians
Importers: A higher parallel rate increases the cost of imported goods for businesses unable to access the NFEM allocation.
Consumers: Elevated import costs may be passed down, pushing up prices of goods and services.
Remittances and travel: Individuals converting dollars informally receive fewer naira per dollar compared with the official market, raising the effective cost of foreign currency.
The gap between official and parallel rates highlights ongoing challenges in Nigeria’s foreign exchange market, reflecting both demand pressures and limited supply in formal channels.
