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).

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

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.

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

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