The Nigerian naira opened trading on Friday, November 13, 2026, under continued pressure in both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as increased demand linked to year-end imports and overseas travel continues to affect liquidity.
Official NFEM and CBN rates
At the official market, early indicators ahead of Friday’s formal trading session showed the dollar trading between ₦1,344.30 and ₦1,358.34.
The latest figures published by the Central Bank of Nigeria (CBN) for recent trading sessions showed that the NFEM weighted average stood at ₦1,358.34 per dollar, while the interbank market closed at ₦1,364.00.
The official market recorded considerable fluctuations earlier in the week, including a ₦10.50 depreciation in a single session, from ₦1,353.50 to ₦1,364.00. This represented its sharpest daily decline since October 22.
As the CBN publishes Friday’s official NFEM closing figures after the trading session, banks and corporate buyers are using the ₦1,358.34 benchmark for morning settlements.
Parallel market rates
In the parallel market, also known as the black market, the naira continued to trade below its official-market value.
Currency dealers and Bureau De Change (BDC) operators in Lagos and Abuja quoted the dollar at between ₦1,380 and ₦1,432 for buying, while selling rates ranged from ₦1,390 to ₦1,442.25. The rates varied according to location, dealers’ available liquidity and transaction volumes.
In major commercial areas of Lagos, morning quotations were around ₦1,380 for buying and ₦1,390 for selling. However, high-demand locations in Abuja and parts of Lagos recorded rates closer to the ₦1,419–₦1,440 range observed over the previous 24 hours.
Depending on the trading location, the difference between the official NFEM benchmark and parallel-market rates stood at approximately ₦32 to ₦82 per dollar.
Factors driving market pressure and external reserves
Currency analysts have linked the continued pressure on the naira to increased foreign exchange demand in the fourth quarter, particularly from importers replenishing stock ahead of the festive season. Overseas travel expenses and foreign portfolio investment outflows have also contributed to the demand.
A stronger United States dollar in international markets has further increased pressure on emerging-market currencies.
Despite the recent weakening of the naira in both market segments, Nigeria’s gross external reserves remain an important buffer against currency volatility.
The reserves are hovering around $54.9 billion, their highest level in 18 years, and remain above the CBN’s full-year target of $51.04 billion.
The reserve position gives the apex bank considerable capacity to support foreign exchange liquidity and manage sharp market fluctuations in the coming months.