The US dollar is trading at approximately ₦1,400 on Nigeria’s parallel market on Friday, November 6, 2026, while the official Nigerian Foreign Exchange Market (NFEM) rate stood at ₦1,348.74 per dollar at the close of the previous trading session.
Data from the Central Bank of Nigeria (CBN) showed that the naira exchanged at ₦1,348.74 per dollar on Thursday, November 5, indicating a slight depreciation compared with the previous session.
The NFEM rate is determined using the volume-weighted average of foreign exchange transactions and serves as Nigeria’s official exchange rate benchmark.
Meanwhile, the dollar was quoted at approximately ₦1,400 on Friday in the parallel market, also known as the black market.
However, actual buying and selling rates may vary depending on location, dealers and the availability of foreign exchange.
The gap between the official and parallel market rates reflects sustained demand for foreign currencies outside the formal banking system.
Nigerians, particularly importers, businesses, students studying abroad and individuals making international payments, continue to monitor movements in both markets.
Exchange rates may fluctuate throughout the day as trading activities and demand for foreign currencies change.