NGN → USD Rates
NFEM (official) Rate
Official Market:
- Buying: ₦1,451.82/ USD
Parallel Market:
- Buying: ₦1,475/ USD
- Selling: ₦1,485/ USD
Market Drivers: CBN intervention of $250 million to bolster dollar supply; Significant drop in inflation from 16.05% (Oct) to 14.45% (Nov); Declining overall FX market inflows from the previous week.
OUTLOOK: Market sources said recent interventions helped prevent sharper depreciation despite global oil price swings impacting foreign reserves.