The naira dropped to N1,445 from N1,430 in the parallel market on Thursday, November 12, 2026, increasing the disparity with the official N86.50 rate.
The dollar was quoted at N1,445 at the Bureau de Change in Abuja.
The naira, however, rose at the Nigerian Foreign Exchange Market (NFEM). It appreciated to N1,358.50/$ from N1,364/$ on Wednesday, according to the Central Bank of Nigeria.
Official Rate Rises As Parallel Rate Falls
The official rate rose by 0.37 percent while the parallel market saw the naira drop by N15. NFEM transactions were between N1,348 and N1,363.75.
The News Chronicle reports that BDCs said demand for the dollar had risen partly because of buying for the festive period.
Interbank turnover in the NFEM rose to about $644.85 million on Thursday from $93.01 million on Wednesday.
Reserve Situation And Dollar Strength Globally
Nigeria’s gross foreign exchange reserves rose by $295.35 million in October making it the slowest rise this year. Net reserves had increased to an all-time high of $46 billion from $34.80 billion at the end of 2025.
Globally, the dollar continued to hover round its 19 month high on expectations of an increased Federal Reserve interest rate increase. The Euro fell to $1.1049 while the Japanese Yen was seen at around 159.875 to the dollar, raising fears of intervention.
