BusinessDay, citing prices gathered from parallel-market operators, reported Monday that dollar quotes for Nigeria’s naira ranged from N1,410 to N1,430 amid renewed demand for foreign currency and a wider gap over the official rate.
BusinessDay put the spread at N69 per dollar, or 5.13%, compared with N61, or 4.53%, a week earlier. Comparing the reported range with the Friday official rate yields a calculated difference of about N63 to N83 per dollar.
Central Bank of Nigeria (CBN) data put the Nigerian Foreign Exchange Market (NFEM) closing rate at N1,346.79 per dollar on Friday, Nov. 6, 53 kobo weaker than N1,346.26 the previous Friday.
NFEM trading activity also eased last week. BusinessDay reported turnover of $1.92 billion, down 53.17% from $4.10 billion the previous week. Deal counts fell 21.46% to 1,325 from 1,687. In the interbank segment, turnover dropped 63.26% to $556.79 million from $1.52 billion, while transactions declined 32.09% to 472 from 695.
CBN data showed Nigeria’s external reserves at $55.13 billion on Nov. 5, down $130 million from $55.26 billion on Oct. 27. That was 27.32% above the $43.30 billion recorded in the corresponding period of 2025. BusinessDay described the reserves as a buffer for supporting the naira and meeting external obligations.
At an investor event in Bangkok, CBN Gov. Olayemi Cardoso said central-bank measures had reduced the spread from roughly 60% to less than 2%, BusinessDay reported. In an Oct. 20 interview with The Sun, Cardoso gave an earlier estimate of 3% to 4%, as noted in EconoTimes’ earlier coverage of his estimate. He also said the smaller gap had improved predictability for businesses, travelers and investors, and that travelers could use naira cards abroad without first seeking foreign currency. Cardoso said reserves built through the reforms had helped Nigeria weather external shocks, BusinessDay reported.
