Naira Faces Pressure as Dollar Hits New High in Nigeria's Forex Markets

The Nigerian naira commenced trading on Thursday, November 12, 2026, amid persistent demand pressures that have characterized both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market. According to data from the Central Bank of Nigeria (CBN), the naira was positioned within the range of ₦1,350.36 to ₦1,353.50 per dollar at the official window, continuing a trend of fluctuations observed earlier in the week.

In the early hours of Thursday, international currency feeds indicated spot quotes around ₦1,345.72 per dollar, with the official NFEM benchmarks reflecting the previous day's closing figures while awaiting the day's official fixing. Earlier trading sessions this week exhibited intraday variations, with rates fluctuating between ₦1,349.25 and ₦1,354 per dollar, and interbank turnover reaching $248.07 million across 144 transactions.

Meanwhile, in the parallel market, often referred to as the black market, the naira trades at a significant discount compared to the official rates. Currency dealers in major cities like Lagos and Abuja reported buying rates for the dollar between ₦1,411 and ₦1,420, with selling rates varying from ₦1,419 to ₦1,430 depending on the volume of transactions and location. This disparity leaves a gap of approximately ₦68 to ₦80 per dollar between the official NFEM benchmark and street-level rates.

Market analysts have attributed the recent depreciation of the naira to increased seasonal demand for foreign exchange from importers, which has compounded existing economic pressures.

As the naira continues to navigate these turbulent waters, stakeholders in Nigeria's economy remain vigilant, awaiting potential interventions from monetary authorities to stabilize the currency and manage the widening exchange rate gap.