SNOW TV NEWS DESK
The Nigerian naira opened trading on Thursday, November 12, 2026, under renewed pressure against the United States dollar, as demand for foreign exchange continues to weigh on the local currency across the official and parallel markets.
At the Nigerian Foreign Exchange Market (NFEM), the naira was quoted within the range of ₦1,350.36 to ₦1,353.50 per dollar, according to figures from the Central Bank of Nigeria (CBN).
Meanwhile, early Thursday morning international currency feeds placed the exchange rate at approximately ₦1,345.72 per dollar. However, the official market benchmark remained subject to the latest trading session’s closing figures and subsequent CBN updates.
Trading activities earlier in the week reflected continued fluctuations, with the naira moving between ₦1,349.25 and ₦1,354 per dollar. Interbank transactions reportedly recorded a turnover of $248.07 million across 144 deals, highlighting the continued demand for foreign exchange among market participants.
Dollar to Naira Rate at the Black Market
At the parallel market, popularly known as the black market, the dollar continued to exchange at a considerably higher rate than the official market.
Currency dealers in Lagos and Abuja quoted buying rates between ₦1,411 and ₦1,420 per dollar, while selling rates ranged from ₦1,419 to ₦1,430, depending on location, availability, and transaction volume.
The difference between the official and parallel market rates currently stands at approximately ₦68 to ₦80 per dollar, reflecting the persistent gap between the two foreign exchange markets.
Why Is the Naira Under Pressure?
Market analysts attribute the recent weakness of the naira to increased demand for dollars as businesses and individuals prepare for the end-of-year period.
Importers require more foreign currency to settle international transactions, while travelers are also increasing their dollar purchases ahead of the festive season.
Foreign portfolio investment outflows and the strength of the US dollar in international markets have also contributed to the pressure on the local currency.
Despite these challenges, Nigeria’s external reserves remain relatively strong at approximately $54.9 billion, exceeding the CBN’s reported full-year target of $51.04 billion.
The reserve position provides an important buffer for the country’s foreign exchange market, although sustained stability will also depend on dollar supply, investor confidence, and effective monetary policies.
For now, businesses, importers, and currency traders are closely monitoring CBN interventions and daily liquidity levels for signs of improvement.
The direction of the naira in the coming weeks will largely depend on how effectively foreign exchange demand is matched with available dollar supply, particularly as economic activities increase towards the end of the year.
“Sir Bartholomew White Ebe is a Lagos-based media personality, Music Artist, Producer, and a Relationship Coach and independent journalist. With over seven years of experience tracking political developments and cultural shifts in Nigeria, he specializes in local current affairs, grassroots politics, and community-driven reporting across Lagos State. As the founder and chief editor of Snow Multimedia Connect {SNOW TV}, he leads the editorial team to deliver verified, high-impact stories to digital audiences.”
Email: snowmediaconnect@gmail.com
