Naira to Dollar rate today, Thursday, November 20
Naira dollar exchange rate remained a major topic on Thursday as the Nigerian currency traded at different levels across markets.
The naira closed at about ₦1,451 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM), while traders in the parallel market sold the dollar for roughly ₦1,475.
The naira dollar exchange rate spread continued to shape market conversations.
Official and Parallel Market Rates
Data from the Central Bank of Nigeria showed the NFEM volume-weighted average standing at ₦1,451 per dollar. The bank noted that this NFEM fixing guides the official market and provides a reference rate for reporting.
In the parallel market, however, the naira dollar exchange rate settled around ₦1,475. This created a premium of about ₦24 to ₦26 between both markets, as dealers priced the dollar based on informal demand.
Why the Gap Matters
Nigeria still operates a two-tier foreign exchange structure, with the official NFEM window serving authorised transactions and the informal market meeting everyday needs.
A wide naira dollar exchange rate gap can push up import costs and strain business margins. A narrow gap, however, may help reduce inflation and support price stability.
Market Movement This Week
Market dashboards showed only mild shifts in official pricing, with NFEM rates staying in the mid-₦1,400s.
Parallel rates hovered in the high-₦1,400s, indicating steady but contained volatility.
Checks across financial platforms revealed earlier naira dollar exchange rate quotes ranging between ₦1,450 and ₦1,468.
The naira dollar exchange rate remains a key indicator watched by businesses, traders, and consumers as Nigeria continues to navigate currency pressures.
