Naira Holds Steady as Official Market Trades Around ₦1,440/$ on November 7, 2025
Story: written by Joseph November 7,2025
The Nigerian currency remained relatively stable on Friday, November 7, 2025, with the official Nigerian Foreign Exchange Market (NFEM) — the Central Bank’s volume-weighted average — closing between ₦1,437 and ₦1,444 per US dollar, according to market data and CBN records.
On the parallel (black-market) front, traders in Lagos and major cities quoted the dollar at ₦1,440 buying and ₦1,455 selling, though a few unverified reports placed isolated transactions near ₦1,500+. That means the street market ranged roughly ₦10–₦70 weaker than the official mid-rate.
Market Drivers
Currency dealers said the naira’s stability this week reflected improved dollar supply at the official window and continued policy direction from the Central Bank following its interest-rate easing in September. Those actions have helped cool volatility since mid-2025.
However, black-market activity is still shaped by dollar demand for imports, fuel purchases, and shifting confidence among bureau-de-change operators and informal traders.
Impact on Nigerians
Businesses sourcing dollars outside the official system are still paying more, while firms accessing NFEM liquidity enjoy cheaper rates. For most retail travelers, remittance senders, and small-scale traders, exchange rates usually align with parallel-market pricing.
What to Look Out For
Analysts say key factors that will determine the naira’s movement include:
- Central Bank liquidity and further policy actions
- Foreign-exchange earnings from oil and non-oil exports
- Pressure from import demand and fuel-related transactions
Recent conversations about fuel sales and refinery supply have also been highlighted as potential triggers for new dollar demand.
