Dollar to Naira Exchange Rate Today, November 11, 2025: Black Market, CBN, and Bank Rates Update

The Nigerian naira showed mild weakness on Tuesday, November 11, 2025, as data from the Central Bank of Nigeria (CBN) indicated that the official Nigerian Foreign Exchange Market (NFEM) rate closed at approximately ₦1,436.58 per US dollar.

In the parallel market, often referred to as the black market, traders in Lagos and other key commercial areas quoted the dollar within a broader range, typically between ₦1,445 (buy) and ₦1,469 (sell). Most transactions clustered between ₦1,460 and ₦1,465, while a few dealers reported prices as high as ₦1,515 in isolated cases.

The gap between the official NFEM rate and the parallel market rate widened this week to around ₦28–₦30 per dollar, highlighting the continued scarcity of foreign exchange inflows and sustained demand outside the official windows.

Commercial banks and authorized dealers maintained their references to the NAFEX/NAFEM and I&E windows for corporate and bulk transactions. Bank rate sheets showed mid-day quotes hovering around the ₦1,440 range for interbank trades. A daily bulletin from Citibank on November 10 listed rates between ₦1,442 and ₦1,448, reflecting slightly stronger institutional pricing compared to street rates.

Financial analysts attribute the naira’s weaker performance this week to reduced FX liquidity, which reportedly dropped by about 15.7%, coupled with persistent demand from importers and businesses processing invisible payments such as school fees, travel, and medical bills. Until Nigeria sees a rise in official foreign exchange inflows, experts predict the spread between official and parallel market rates will continue.

Impact on Consumers and Businesses

Retail currency buyers will likely continue to rely on the parallel market, where rates currently range from ₦1,445 to ₦1,469, particularly when banks face cash supply shortages.

Corporate entities conducting transactions through the official I&E or NAFEX windows may access slightly firmer institutional quotes around the mid-₦1,440s, depending on bank liquidity and documentation requirements.

Market Outlook

With the persistent pressure on the naira and limited FX supply, investors and businesses are closely monitoring the CBN’s next policy move. Any intervention or fresh inflow from foreign investment, oil revenue, or remittances could help stabilize the exchange rate in the coming weeks.