Naira Weakens to ₦1,400 on Parallel Market

The naira has weakened to about ₦1,400 per dollar on the parallel market on Friday, November 6, 2026, while the official exchange rate closed at ₦1,348.74 per dollar on Thursday.

Data from the Central Bank of Nigeria (CBN) showed the naira traded at ₦1,348.74 per dollar on the Nigerian Foreign Exchange Market (NFEM) on Thursday.

This represented a slight depreciation from the previous trading session.

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The NFEM rate serves as Nigeria’s official exchange rate benchmark. It is calculated using the volume-weighted average of foreign exchange transactions in the market. Meanwhile, the dollar traded at about ₦1,400 on Friday in the parallel market, also known as the black market.

However, actual buying and selling rates may vary depending on the location, dealer and availability of foreign exchange.

The gap between the official and parallel market rates reflects continued demand for foreign currencies outside the formal banking system.

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Deborah Akwa

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