FX Update for December 1st 2025: Naira holds at NFEM but slides on Black Market

The naira weakened slightly against the dollar on Monday, December 1, 2025, as increased year-end demand pushed parallel-market rates higher, even though the official Nigerian Foreign Exchange Market (NFEM) remained relatively stable.

At the NFEM, the Central Bank of Nigeria’s (CBN) volume-weighted average benchmark, the local currency traded between ₦1,440 and ₦1,446 per dollar, according to market aggregators and the CBN’s official pricing table.

However, in the parallel market, bureaux-de-change operators in Lagos, Abuja and Port Harcourt quoted the greenback at ₦1,455 for buying and ₦1,465 for selling.

The uptick, traders said, reflected increased demand from importers, corporates closing their books, and Nigerians travelling ahead of the festive season.

Analysts attribute the divergent movement to a combination of tight official FX supply, which continues to push some buyers into the informal market, and a cautious policy posture at the CBN following recent monetary adjustments targeted at slowing inflation.

The apex bank has signalled it will move slowly on interest-rate cuts, a stance analysts say has helped maintain a relatively narrower official band, even as black-market pricing shifts with seasonal pressures.

What it means for consumers and businesses

Import-dependent companies and firms with dollar liabilities may feel a mild squeeze as the parallel-market premium widens, pushing up sourcing costs.

Conversely, remittance receivers and small traders with access to the official window may benefit from the more stable NFEM rate.

Market watchers say the naira’s trajectory through December will depend largely on CBN interventions, oil revenue inflows, and diaspora remittances, which typically strengthen toward the year’s end.

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