Dollar to Naira exchange rate today, November 20, 2025

The naira traded at roughly ₦1,451 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM) on November 20, 2025, while the parallel (black) market quoted the dollar around ₦1,475.

What happened today
NFEM (official, volume-weighted average) — ₦1,451/US$1. This is the CBN-published daily fixing used as the market’s official reference.

Parallel market (informal/black market) — ₦1,475/US$1, leaving a premium of about ₦24–₦26 between the two windows as traders continue to price dollars in an active informal market.

Why the gap matters
Nigeria continues to operate a two-tier FX system: an official NFEM/NAFEX window for eligible transactions and an informal parallel market where individuals and small bureaux transact. When the spread widens, importers and consumers face higher costs and businesses may see margin pressure; when it narrows it can ease inflationary pressures. The CBN describes the NFEM fixing as a volume-weighted average used for official reporting.

Market context and trend
Market dashboards and financial portals showed modest movement in official rates this week, with NFEM fixings in the mid-₦1,400s and parallel rates hovering in the high-₦1,400s, reflecting continuing but contained volatility across trading venues. Cross-checks of market data vendors show parallel market quotes between about ₦1,450 and ₦1,468 on surrounding days.

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