LAGOS — The naira traded slightly weaker across both official and parallel markets on Wednesday, November 12, 2025, with the Daily Nigerian Foreign Exchange Market (NFEM/NAFEM) fixing the rate at around ₦1,437 per US dollar, while Lagos parallel-market dealers quoted the dollar between ₦1,455–₦1,465.
The official NFEM rate — the Central Bank of Nigeria’s volume-weighted benchmark used for large-ticket and corporate transactions — stood at approximately ₦1,437 to the dollar. Meanwhile, street and parallel-market sellers in Lagos and other commercial centers were typically selling dollars for about ₦1,455, with some outlets and data sources reporting occasional trades reaching ₦1,465.
The gap between the official NFEM fixing and parallel-market quotes persisted throughout the week, leaving a premium of roughly ₦18–₦28 per dollar, depending on the source and time of day — indicating sustained demand pressure in cash markets outside formal trading windows.
Market participants attributed the pressure to limited FX supply for small cash needs and steady demand from importers and retail buyers, which kept upward pressure on street rates even as institutional windows held relatively firm.
Analysts and market data providers observed uneven liquidity across trading venues, with the formal NAFEM/I&E windows handling larger corporate inflows, while the parallel market continued to determine cash prices for day-to-day buyers.
What This Means for Consumers and Businesses
• Individuals seeking physical dollars for travel or tuition should expect to pay parallel-market rates(around ₦1,455–₦1,465) where banks are unable to provide cash.
• Corporates and importers with access to the NAFEM/I&E windows will typically transact closer to the official rate (about ₦1,437), depending on bank access and documentation.
