As of 24 November 2025, the Nigerian Naira exhibited broad-based weakening against major currencies across both official and parallel market segments, reflecting continued pressure on the currency.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira weakened marginally by 0.13% against the US dollar, closing at ₦1,458/$1 on 21 November 2025, compared to ₦1,459.95/$1 the previous day, according to official data from the Central Bank of Nigeria (CBN).
In the parallel market, data from Abokiforex.app and NgnRates.com reveal that the naira was quoted at at N1,450-N1,455 (Buy) and N1,465-N1,473 (Sell).
In another development, United Bank for Africa (UBA) Plc has pegged its official foreign exchange (FX) rate for international transactions on the UBA Naira Card at N1,473.00 per U.S. dollar, effective November 24, 2025.
In the International Money Transfer Operators (IMTO) segment, based on rates from platforms such as LEMFI and REMITLY, the naira also depreciated against the US dollar by 0.20%, moving from ₦1,474/$1 on 21 November to ₦1,471/$1 on 24 November, a decline of ₦3 per dollar.
Against other major currencies in the IMTO market:
- The naira weakened slightly against the British Pound by 0.21%, trading at ₦1,933/£1 on 24 November, down from ₦1,929/£1 the previous day (a ₦4 appreciation in pound terms, but reflecting naira depreciation).
- The naira depreciated against the Euro by 0.23%, with the rate moving from ₦1,703/€1 to ₦1,707/€1.
- Similarly, the naira weakened against the Canadian Dollar by 0.19%, from ₦1,049/$1 CAD to ₦1,047/$1 CAD.
Meanwhile, Nigeria’s external reserves continued their modest upward trend, rising by 0.16% to $44.189 billion as of 20 November 2025, up from $44.117 billion the prior day, according to CBN data. This marks a steady recovery in reserves amid ongoing foreign exchange market reforms.
Overall, the naira remains under depreciation pressure in both official and IMTO channels, despite slight reserve accumulation.
