By Ayomide Otitoju
Pressure on the naira persisted in the unofficial foreign exchange market on Monday, November 24, 2025, as rates weakened further compared to the official window.
In the parallel market, dealers bought dollars from the public at between ₦1,450 and ₦1,460 and sold at ₦1,470 to ₦1,480 per dollar. Traders noted that slight variations occurred across major cities such as Lagos, Abuja, and Kano, depending on transaction volume.
In contrast, data from the Nigerian Foreign Exchange Market (NFEM) showed the official Investors’ and Exporters’ (I&E) Window closing at ₦1,452.68 per dollar on November 23, 2025 (UTC close). Although the gap between both markets has narrowed compared to previous months, analysts say retail and informal sector demand continues to spill into the parallel market.
The broader market recorded mixed trends over the past week. Persistent demand pressure kept the naira under strain in both the official and parallel windows, even as Nigeria’s external reserves posted a steady increase. According to the Central Bank of Nigeria (CBN), reserves rose from $43.64 billion on November 14 to $44.19 billion as of Thursday—an increase of 1.26 per cent in eight days.
Currency traders and investors are now awaiting the CBN’s next policy direction, particularly regarding potential liquidity injections and interest rate adjustments aimed at stabilising the foreign exchange market.
