The Nigerian naira traded at an official Daily Nigerian Foreign Exchange Market (NFEM) fixing of about ₦1,441.33 to the US dollar on Friday, November 14, 2025, the same level recorded at the start of the day.
On the parallel (cash) market, dealers quoted the dollar at roughly ₦1,460 (sell) and around ₦1,450 (buy) in major cities — a premium of roughly ₦18–₦28 above the NFEM fixing depending on the quote and time of day. Black-market trackers showed averages near ₦1,455–₦1,460 on November 13–14.
Why the spread persists
The gap between the official NFEM fixing and parallel-market quotes has remained a feature of the market this week as cash demand in informal channels and short-term importer hedging keep parallel rates richer than the official fixing. Analysts say the split reflects ongoing demand pressure outside formal windows even as liquidity in official channels appears steadier.
What moved markets
Traders pointed to a mix of factors shaping the naira: liquidity injections and FX sales by authorities that support the NFEM fixing; softer global oil prices and dollar dynamics that influence FX flows; and domestic monetary policy easing earlier in the autumn that has altered yields and portfolio flows. The Central Bank’s recent policy moves and occasional FX interventions have helped cap large swings in the official fixing.
Market outlook
With the official NFEM fixing near ₦1,441 and parallel quotes near ₦1,455–₦1,460, market participants said the near-term outlook will hinge on (1) CBN FX liquidity and any further dollar sales into the market, (2) flows from oil receipts and foreign portfolio activity, and (3) demand from importers and corporate hedging. Any sizable change in global oil prices or a fresh policy move from the CBN could narrow or widen the current premium between the two windows.
