Nigerians Rush to Sell Dollar as Naira Falls (See New Rate)

Naira Falls to N1,445/$ in Black Market as Gap With Official Rate Widens to N86.50

The Nigerian naira has weakened further against the United States dollar in the parallel foreign exchange market, falling to N1,445 per dollar as the gap between the official and unofficial exchange rates widened to N86.50.

The development comes amid renewed demand for foreign exchange and growing pressure in the informal currency market ahead of the festive season.

According to a report by Nairametrics published on Friday, November 13, 2026, Bureau De Change (BDC) operators in Abuja quoted the dollar at N1,445 on Thursday, November 12, compared with N1,430 recorded on Wednesday.

The latest movement represents a N15 depreciation in the parallel market, reflecting renewed pressure on the local currency.

However, the naira recorded a slight appreciation at the Nigerian Foreign Exchange Market (NFEM), where it closed at N1,358.50 per dollar on Thursday, compared with N1,364 in the previous trading session.

Data from the Central Bank of Nigeria (CBN) showed that the official market recorded a 0.37 per cent appreciation during the trading session, even as the parallel market moved in the opposite direction.

Consequently, the difference between the two exchange rates widened to N86.50 per dollar, highlighting the growing divergence between Nigeria’s official and informal foreign exchange markets.

Festive Season Demand Puts Pressure on Naira

Nairametrics reported that the renewed pressure in the parallel market was partly driven by increased demand for dollars ahead of the festive season.

The demand typically rises towards the end of the year as individuals, businesses and importers seek foreign currencies to meet international payment obligations and other financial commitments.

The report also noted that volatility in the parallel market has previously been associated with speculation, fiscal leakages and arbitrage activities, which contribute to differences between official and informal exchange rates.

Meanwhile, trading activities at the official market remained relatively strong, with NFEM interbank transactions reaching approximately $644.85 million on November 12.

This followed an official closing rate of N1,364 per dollar on November 11, when total NFEM turnover stood at approximately $397.54 million.

The latest rise in the dollar has also reportedly triggered increased interest among some Nigerians seeking to take advantage of the exchange-rate movement. Some citizens have reportedly rushed to exchange their dollar holdings for naira, hoping to benefit from the prevailing rate and make gains from the currency’s fluctuations. Others are taking advantage of the situation to convert foreign currency savings into local currency amid uncertainty over the direction of the exchange rate.

The development reflects how movements in the foreign exchange market are influencing financial decisions among Nigerians, particularly those holding dollars or depending on foreign currency transactions. However, analysts warn that exchange-rate volatility could expose individuals and businesses to losses if the naira strengthens or the dollar declines unexpectedly.

Nigeria’s Foreign Reserves Position

Despite the renewed pressure on the naira, Nigeria’s foreign exchange reserve position has recorded some improvements.

According to Nairametrics, gross foreign exchange reserves increased by $295.35 million in October, although the growth represented the slowest positive monthly increase recorded so far in 2026.

The report also highlighted that Nigeria’s net foreign exchange reserves had risen to a record $46 billion, compared with $34.80 billion recorded at the end of 2025.

On the international front, the US dollar remained strong against major currencies, supported by growing expectations of a possible interest rate increase by the United States Federal Reserve.

The latest development presents a mixed picture for Nigeria’s foreign exchange market, with the official window recording a modest recovery while the parallel market continues to face pressure.