Dollar to Naira trade price immediately

News

By Linda Ikeji
12 November 2026, 8:24 am

The Nigerian naira opened buying and selling underneath sustained demand stress throughout each the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, sustaining the broader unfold noticed earlier within the week.

At the official window, knowledge from the Central Bank of Nigeria (CBN) exhibits the naira coming into the session across the ₦1,350.36 to ₦1,353.50 per greenback band. Early morning worldwide forex feeds recorded spot quotes hovering close to ₦1,345.72 per greenback, whereas official NFEM benchmarks replicate the closing figures from the prior buying and selling session pending the day’s official fixing.

Earlier within the week, buying and selling on the official window noticed intraday fluctuations between ₦1,349.25 and ₦1,354 per greenback, with interbank turnover reaching $248.07 million throughout 144 offers. In the parallel market, generally known as the black market, the naira continues to commerce at a major low cost to the official price.

Currency sellers throughout Lagos and Abuja quoted the greenback between ₦1,411 and ₦1,420 for purchasing, whereas promoting charges ranged from ₦1,419 to ₦1,430 per greenback relying on transaction quantity and placement. This leaves an trade price hole of roughly ₦68 to ₦80 per greenback between the official NFEM benchmark and street-level charges.

Market analysts attribute the current softening of the native forex to heightened seasonal international trade demand from importers and vacationers heading into the end-of-year interval, alongside international portfolio funding outflows and a firmer US greenback globally.

Despite the current dip, which noticed the parallel market contact a 10-month low of ₦1,430 per greenback this week, Nigeria’s gross exterior reserves stay sturdy at roughly $54.9 billion, effectively above the CBN’s full-year goal of $51.04 billion, providing a considerable buffer to help market liquidity via the rest of the fourth quarter.