Dollar to Naira Rate Today, November 7, 2025

The naira traded broadly steady on Friday, November 7, 2025, as liquidity inflows and policy support from the Central Bank of Nigeria (CBN) helped sustain stability in both the official and parallel foreign-exchange markets.

Data from the Nigerian Foreign Exchange Market (NFEM) — the CBN’s volume-weighted average price benchmark — showed the local currency hovering between ₦1,437 and ₦1,444 per U.S. dollar on Friday, according to market platforms and central bank sources.

At the parallel (black-market) window in Lagos and other major commercial centres, dealers quoted the greenback between roughly ₦1,440 (buy) and ₦1,455 (sell) per dollar. Some informal reports cited isolated transactions as high as ₦1,515, placing the parallel-market rate between ₦10 and ₦70 weaker than the official mid-point.

Market Drivers

Foreign-exchange traders attributed the week’s relative calm to increased dollar inflows into the official market and continued policy guidance from the CBN, which has maintained a cautious easing stance since cutting interest rates in September 2025.

“The combination of better FX supply and clear communication from the central bank has kept volatility in check for now,” one Lagos-based dealer told reporters.

Analysts added that activity in the parallel market remains influenced by import demand, fuel payments, and shifts in confidence among bureau-de-change (BDC) operators, even as official-market liquidity has improved.

Impact on Businesses and Consumers

Importers and businesses sourcing dollars through informal channels still face higher exchange costs, paying a spread above the NFEM rate. Corporates with access to official FX liquidity therefore continue to enjoy lower dollar purchase prices compared with those forced to buy from parallel dealers.

For retail travellers and remittance recipients, exchange rates typically align more closely with parallel-market levels, highlighting the persistent dual-market structure that affects household and business transactions.

Outlook and Key Watchpoints

FX analysts say the next key drivers for the naira will include:

CBN liquidity management in the NFEM and potential new policy interventions;
Oil-receipt inflows and foreign-exchange earnings from exports and foreign investments;
Demand pressures from importers and the downstream fuel sector, which could push traders back toward informal markets.

Recent discussions around refinery policy and fuel-import dynamics have also been flagged by analysts as potential triggers for renewed dollar demand in the coming weeks.

Despite ongoing structural challenges, the naira’s recent steadiness is seen as a sign that the CBN’s latest policy mix may be gradually restoring market confidence.