Dollar to Naira Rate on 18 November 2025

Dollar to Naira Rate on 18 November 2025 – Official/ Black Market
Black-market dollar rate ranged between ₦1,455 (buy) and ₦1,465 (sell).
Spread highlights pressure on naira and divergence in currency markets.

On 18 November 2025, the official exchange rate of one US dollar (USD) to the Nigerian naira (NGN) was approximately ₦1,444.50, according to data from the Trading Economics platform.

Market Type	Buy Rate	Sell Rate
Official Market	₦1,442	₦1,445
Black Market	₦1,455	₦1,465

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EKO HOT BLOG reports that sources for black-market figures show rates of around ₦1,455 for buying and ₦1,465 for selling on the parallel market.

Analysis
The divergence between the official rate and the black-market rate—some ₦10-20 difference underscores the ongoing pressure on foreign exchange supply despite the relative stability of the naira.

At the official rate, an importer converting USD to NGN would receive about ₦1,444 per dollar, while those resorting to the parallel market would pay nearly ₦1,465. The existence of the higher black-market rate suggests that demand for dollars remains elevated, and official channels may still be tight or subject to allocation constraints.

For businesses, remitters and individuals with foreign-currency exposure, the dual-market rates necessitate careful budgeting. Exporters receiving dollars officially may sail closer to ₦1,444, but converting via non-official routes could impact margins significantly. The relatively narrow but persistent spread also signals confidence in the official framework, yet it warns of latent pressures in the FX system.

Outlook
With inflation moderating in Nigeria and the Central Bank of Nigeria (CBN) showing signs of easing monetary policy, the naira might enjoy some relief. Still, external factors—oil price volatility, capital outflows, and demands on FX reserves—could prompt renewed pressure. Observers will closely watch the movement in the official-vs-parallel market spread as a barometer of FX system health.