Prime Business Africa
In the parallel market on Friday, November 28, the foreign exchange rate decreased by N7 to N1,467.9 kobo per dollar, from N1,474.9 kobo/$ reported on November 27.
This indicates the naira became stronger in the black market, appreciating by 0.47 percent, according to data from currency aggregator, Naira Rates.
Join our WhatsApp ChannelAlso, the British pound and euro traded flat in the parallel market, as the former exchanged for N2,204.4 per £1 and the latter traded for N1,853.7 per €1.
In the official window, the dollar rate increased by N1 after closing at N1,446.9 kobo per $1, compared to the previous day’s exchange rate of N1,445.9 kobo/$.
According to the data on the Nigerian foreign exchange market (NFEM) obtained from the Central Bank of Nigeria (CBN), this indicates the value of the naira depreciated by 0.06 percent.
As a result, the gap between the foreign exchange (FX) rates in the parallel market and official window shrank to N21, from N29 recorded on the previous day.
Naira has been nearly stable in the foreign exchange markets, as a result, it has beecome a competitive currency — and this has led to an improvement in the foreign reserves, which increased by 9.19 percent, from the $42.77 billion recorded at the end of September 2025, to $46.70 billion on November 14, 2025,
Also, the governor of the CBN, Olayemi Cardoso, on November 26, said increased export inflows backed by higher oil production, stronger non-oil exports, and improved remittances also contributed to the growth in the foreign reserves.
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