Dollar to Naira exchange rate today, November 19, 2025

The naira held steady on Wednesday as the official Daily Nigerian Foreign Exchange Market (NFEM) fixing traded in the mid-₦1,400s while the parallel (black-market) rate remained wider, underscoring persistent two-tier market conditions for dollars in Nigeria.

Key figures

NFEM (official, volume-weighted average): About ₦1,447–₦1,449 per US$1, according to market dashboards reporting the CBN’s daily fixing.

Market-traded USD/NGN (real-time platforms): About ₦1,446.7 at today’s close on trading platforms that track onshore FX flows.

Parallel/black-market (Abokifx/BDC) sell rate: Roughly ₦1,465 per US$1; buy rates reported around ₦1,455, leaving a spread of roughly ₦10 between buy and sell at street dealers.

What happened today
Official onshore liquidity conditions produced only modest movement in the NFEM fixing on Wednesday, as banks and authorised dealers continued to access foreign exchange at volume-weighted prices set by trading activity on FMDQ/CBN platforms. The onshore market’s mid-₦1,440s quote contrasts with the parallel market where dealers quoted mid-₦1,460s for dollars — a gap that continues to complicate importers’ cost planning and small business foreign-currency needs.

Why the gap persists
Market analysts point to lingering dollar demand from importers, uneven distribution of FX to licensed channels, and cautious central bank intervention as reasons for the persistent two-tier pricing. The Central Bank of Nigeria’s policy moves in 2025 — including an easing of the benchmark policy rate in September to support disinflation and growth — have helped ease some pressures but have not yet closed the wedge between official and parallel rates.

Short-term trend
Across the past week the USD/NGN pair has fluctuated in the mid-₦1,400s, with platforms showing a weekly high around the mid-₁,470s and intermittent intraday swings as market liquidity and crude oil receipts change. Continued foreign-reserve support and offshore flows into local debt markets are factors traders are watching for a more sustained narrowing of spreads.

What it means for Nigerians

Importers and firms with dollar obligations are still facing higher effective costs if they rely on parallel market access.

Consumers and travellers will see little change in official bank quotes but may pay a premium at street dealers.

Businesses with access to the NFEM or authorised BDC channels benefit from lower, official mid-₦1,400s rates versus the parallel market.

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