Dollar to Naira exchange rate today, November 24, 2025

The naira traded at about ₦1,456 to the US dollar in the Nigerian Foreign Exchange Market (NFEM) on Monday, November 24, 2025, while the parallel (black) market in Lagos quoted the greenback around ₦1,465 on average.

What the numbers mean

Official NFEM (volume-weighted) rate: roughly ₦1,456 per US$1, according to market reporting and exchange-data services tracking the CBN’s daily NFEM series.

Parallel/black-market rate (Lagos): dealers posted offers close to ₦1,465/US$1, with some windows quoting slightly higher depending on location and cash availability.

Short-term movement
The NFEM rate has been range-bound in recent days around the mid-₦1,400s, following a period of intense volatility earlier in 2025. Overnight and intraday swings have narrowed as foreign exchange liquidity improved modestly, according to market trackers. TradingEconomics and other data services show the USD/NGN pair trading slightly softer than peaks seen earlier this month.

Why the naira is where it is
Several factors continue to shape the naira’s path:

Central bank stance: The Central Bank of Nigeria’s (CBN) published NFEM rates and policy actions remain the anchor for official market pricing. Market participants say CBN interventions and FX allocation rules have helped stabilise the official window this month.

FX supply and oil receipts: Nigeria’s FX inflows — from oil sales and foreign portfolio flows — have been uneven. Any improvement in upstream receipts or inflows tends to ease pressure at the official window; conversely, weak inflows push more demand to the parallel market.

Demand on the parallel market: Cash demand, scarcity of smaller US dollar denominations, and quicker settlement needs keep a persistent premium in the parallel market compared to NFEM. Real-time trackers show the black-market spread between official and parallel rates narrowing and widening on a day-to-day basis.

What this means for Nigerians
For consumers and businesses, the spread between the NFEM and parallel rates affects import costs, remittance values, and pricing for dollar-denominated goods. Importers who cannot access the official window may still face the parallel market’s premium when sourcing dollars for immediate payments. Financial advisers recommend using authorised FX channels where possible and monitoring official CBN disclosures for large transfers.

Looking ahead
Analysts say near-term FX direction will hinge on: (1) weekly FX allocations and CBN communications; (2) the pace of foreign inflows into government and corporate securities; and (3) oil export receipts and global crude prices. Any material change in those variables could push either the NFEM or parallel market rates significantly within days.

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