The Nigerian naira continued to face pressure in the unofficial foreign‑exchange market, with rates on Monday, 24 November 2025, weaker than the official rate recorded on the Nigerian Foreign Exchange Market. Black‑market rates were reported at ₦1,450‑₦1,460 per $1 for buying and ₦1,470‑₦1,480 per $1 for selling, varying slightly by location and transaction volume. In contrast, the official Investors’ and Exporters’ Window rate closed at ₦1,452.68 per $1 on 23 November 2025. The persistent gap between official and parallel rates indicates that demand for foreign currency in the retail and informal sectors is still being met largely by the black market, a long‑standing issue that keeps the naira under pressure across both windows.
Despite these challenges, Nigeria’s foreign‑exchange market has shown mixed signals, with external reserves rising modestly. As of Thursday, reserves stood at $44.19 billion, a 1.26 % increase from $43.64 billion on 14 November, even amid exchange‑rate volatility. Currency traders are closely watching the Central Bank of Nigeria’s next policy moves, particularly any liquidity injections or interest‑rate adjustments, as these actions are likely to influence the market and the naira’s value.
The naira’s performance remains under close scrutiny, and current trends suggest that demand for foreign currency stays high. The Central Bank’s efforts to manage the market and stabilize the naira will be crucial in the coming days. As the economy evolves, the foreign‑exchange market will continue to be a focal point for policymakers, businesses, and individuals. The recent rise in external reserves is a positive development, and how the Central Bank deploys these funds to support the economy will be pivotal. Its policy decisions will have far‑reaching implications for economic growth, inflation, and employment. Ongoing monitoring of developments in Nigeria’s foreign‑exchange market is essential to understand their potential impact on the broader economy.
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