Dollar to Naira Rate: Latest Black Market and Official Rates for December 1, 2025

The dollar gained strength against the naira on Monday, December 1, 2025, as rising end-of-year demand for foreign currency pushed rates higher in the parallel market. Meanwhile, the official Nigerian Foreign Exchange Market (NFEM) rate held within a tighter range.

At the NFEM window, which reflects the Central Bank of Nigeria’s volume-weighted benchmark, the naira traded between ₦1,440 and ₦1,446 per $1, according to data published by the CBN and monitored by market trackers.

However, in the parallel market, bureaux-de-change operators in major cities such as Lagos, Abuja and Port Harcourt quoted the dollar at around ₦1,455 for buying and ₦1,465 for selling. This slight increase from last week was driven by higher demand from importers, business owners and holiday travelers preparing for December activities.

Financial analysts attribute the rate movement to two main factors: limited dollar supply in official channels and ongoing investor reactions to the CBN’s monetary stance. Recent policy actions aimed at reducing inflation have encouraged the central bank to maintain a cautious approach, supporting a more stable official exchange rate even as the parallel market responds quickly to seasonal pressures.

Impact on Consumers and Businesses

Businesses relying on imported goods or those with dollar-linked expenses may face higher operating costs if they purchase forex from the parallel market. Importers dealing in electronics, automotive parts, pharmaceuticals and raw materials could experience tighter margins due to rising exchange costs.

Consumers receiving remittances may benefit if payouts are made through channels offering rates closer to the official window. However, many small traders and SMEs that depend on the parallel market for quick access to forex may continue to feel the strain of higher rates.

Industry experts note that the naira’s performance through December will likely be shaped by CBN interventions, oil revenue inflows and remittance availability. The holiday season typically brings increased forex demand, meaning exchange rate volatility may persist unless supported by stronger dollar supply.