Naira depreciates to N1,445/$ in parallel market as gap with official rate widens to N86.50

The naira weakened to N1,445 per dollar in the parallel market on Thursday, November 12, 2026, from N1,430 recorded on Wednesday, widening the gap between the informal and official exchange rates to N86.50.

Bureau de Change (BDC) operators in Abuja who spoke to Nairametrics quoted the dollar at N1,445, reflecting renewed pressure in the parallel market.

At the Nigerian Foreign Exchange Market (NFEM), the naira appreciated, closing at N1,358.50/$ on Thursday, compared with N1,364/$ in the previous session, according to data from the Central Bank of Nigeria (CBN).

Official and parallel rates diverge

While the official market recorded a 0.37% appreciation on Thursday, the parallel-market rate weakened by N15 from Wednesday’s quotation, highlighting the divergence between the two segments of the foreign exchange market.

The latest NFEM figures also show that the official exchange rate traded within a range of N1,348 to N1,363.75 during the session.

The widening gap comes amid continued pressure in the informal market, where BDC operators attributed recent demand partly to purchases ahead of the festive season.

The volatility in the parallel market has previously been linked to fiscal leakages, speculation and arbitrage activities, factors that can contribute to differences between official and informal exchange rates.

NFEM trading and foreign reserves

NFEM turnover data show that interbank transactions amounted to approximately $644.85 million on November 12.

• This follows an official closing rate of N1,364/$ on November 11, when total NFEM turnover stood at approximately $397.54 million and interbank turnover was about $93.01 million.
• The naira’s performance also comes against the backdrop of changes in Nigeria’s external reserves. Gross foreign exchange reserves increased by $295.35 million in October 2026, marking the slowest positive monthly increase recorded so far this year.

However, Nigeria’s net foreign exchange reserves rose to a record $46 billion, according to an earlier Nairametrics report. This represents an increase from the $34.80 billion recorded at the end of 2025, as previously reported.

Dollar strength pressures global currencies

On the international market, the US dollar remained near a 19-month high on Friday, supported by growing expectations of a larger Federal Reserve interest-rate increase.

• The stronger dollar put pressure on several major currencies, with the Japanese yen trading close to the 160-per-dollar level, raising concerns about possible intervention by Japanese authorities.
• The euro fell 0.1% to $1.1049, hovering near its lowest level against the dollar since April 2025. It was down 0.8% for the week, putting it on track for its largest weekly decline since late September.
• The yen was largely unchanged at 159.875 per dollar, while the Australian dollar had lost about 2.5% against the greenback over the preceding month, making it the weakest-performing G10 currency over that period.

The dollar was also broadly steady against the Swiss franc at 0.835, remaining close to a one-month high.