Dollar to Naira exchange rate today, November 18, 2025

The naira traded broadly steady on Tuesday as liquidity in the formal Nigerian Foreign Exchange Market (NFEM) kept the official dollar rate below parallel market levels. The NFEM closing (volume-weighted) rate was ₦1,448.03 to the US dollar on November 18, 2025, down about ₦5.60 (-0.39%) from the previous session.

Parallel (black-market) prices remained richer, with popular market trackers reporting rates near ₦1,455–₦1,460 per dollar on Tuesday, a gap of roughly ₦7–₦12 to the NFEM rate. Traders and bureaux de change continue to quote higher local cash rates for immediate physical dollars than the NFEM indicative price used for large transactions.

What the quoted rates mean
NFEM / NAFEM: The NFEM (sometimes shown as NAFEM or the I&E/NAFEM window on market platforms) is the official daily volume-weighted exchange rate derived from interbank and FX market trades and is widely used as the reference price for corporate and institutional flows.

Parallel market: Informal cash/retail rates (tracked by sites such as Abokiforex and local aggregators) reflect immediate supply/demand for physical dollars and often trade at a premium to the NFEM.

Recent movement and drivers
Markets have been digesting improved FX liquidity and lower domestic interest rates after the Central Bank of Nigeria trimmed its policy rate earlier in September, a move that has supported some stabilization in the naira this quarter. Analysts say a combination of central-bank interventions, improving foreign inflows and softer inflation pressures have helped narrow sharp intramarket swings seen in 2024–2025.

Implications for businesses and consumers
Importers and companies with foreign-currency obligations will prefer the NFEM window to access dollars at the official volume-weighted price, while small businesses and individuals needing physical cash dollars often face the parallel market premium. Remittance recipients and travellers similarly see different outcomes depending on whether funds pass through formal banking channels or informal cash exchanges.

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