CBN NFEM Rates Today: USD/NGN ₦1,435.84 - Naira Depreciates +1.03% (Nov 3, 2025)

 

Naira Depreciates vs USD: NFEM Rates Nov 3, 2025 – USD/NGN Hits ₦1,435.84 (CBN Official) 

Breaking: The Naira weakened in the official Nigerian Foreign Exchange Market (NFEM) on November 3, 2025, with the US Dollar (USD) rising to a central rate of ₦1,435.8427 up ₦14.61 (+1.03%) from ₦1,421.2343 just three days prior (Oct 31). This marks the first significant depreciation since the Naira’s 7.4% YTD appreciation in 2025. 

In this NFEM update, we compare Nov 3 vs Oct 31 CBN rates, analyze why the Naira fell, explore economic & political triggers, and forecast short-term and long-term implications for inflation, imports, and growth. 

Official NFEM Rates: November 3, 2025 vs October 31, 2025 

Currency	Oct 31 (₦)	Nov 3 (₦)	Change (₦)	% Change	Naira Status
USD	₦1,421.2343	₦1,435.8427	+14.6084	+1.03%	Depreciated
EUR	₦1,639.8201	₦1,652.7985	+12.9784	+0.79%	Weakened
GBP	₦1,863.6645	₦1,885.1179	+21.4534	+1.15%	Weakened
CNY	₦199.6284	₦201.6208	+1.9924	+1.00%	Weakened
SAR	₦378.9554	₦382.8301	+3.8747	+1.02%	Weakened
CHF	₦1,765.7278	₦1,776.3735	+10.6457	+0.60%	Weakened
ZAR	₦81.8052	₦82.6460	+0.8408	+1.03%	Weakened
JPY	₦9.2210	₦9.3067	+0.0857	+0.93%	Weakened
CFA	₦2.5387	₦2.4934	-0.0453	-1.78%	Appreciated
SDR	₦1,937.7108	₦1,957.6279	+19.9171	+1.03%	Weakened

 

Source: Central Bank of Nigeria (CBN) NFEM Official Rates 

Verdict: Naira depreciated across 11 of 12 currencies only CFA Franc strengthened.

Has the Naira Appreciated or Depreciated? 

Clear Answer: The Naira has DEPRECIATED

USD/NGN: +1.03% in 3 trading days

Biggest loser: GBP (+1.15%)

Only gainer: CFA Franc (-1.78%), due to regional ECOWAS currency dynamics 

This reversal ends the Naira’s 3-month appreciation streak in the NFEM.

Why Did the Naira Fall? Economic & Political Factors (Nov 1–3, 2025)

1. Oil Price Correction (Economic)

·        Brent crude dropped from $82.10 to $78.40 over the weekend (Nov 1–3) 

·        Nigeria lost $40M daily forex inflow

·        Impact: Reduced dollar supply → Naira pressure

2. CBN Reduced Forex Sales to BDCs (Political/Policy)

·        CBN halted weekly $20K BDC allocations on Nov 1 

·        Aimed to curb round-tripping, but tightened liquidity

·        Result: Parallel market jumped to ₦1,680/USD (+₦30)

3. End-of-Month Import Payment Surge (Economic)

·        October payrolls, school fees, and medical bills → $1.2B forex demand

·        Corporate dollar bids flooded NFEM → pushed rates up

4. Global USD Strength (DXY Index)

·        US Dollar Index rose 0.8% after strong US jobs data 

Fed signals only 1 rate cut in 2026 → capital outflows from EMs

5. Political Uncertainty Ahead of 2027 Elections

·        Early campaign spending by politicians → dollar hoarding 

·        Speculative attacks on Naira in parallel market

Economic Implications: Short-Term vs Long-Term

Short-Term Impact (Nov–Dec 2025)

Sector	Effect
Inflation	+1.5% to +2.0% CPI by December (imported inflation via higher import costs)
Fuel & Food Prices	PMS may hit ₦1,200/liter; rice and wheat prices up by 8–12%
Imports	Cost of clearing goods up by 1%, leading to delayed shipments
Parallel Market	Naira could hit ₦1,700/USD if CBN does not intervene

 

CBN Response Likely: Emergency $500M forex sale to BDCs before Nov 15

Long-Term Impact (2026–2027) 

Scenario	Trigger	Naira Outlook
Bullish (₦1,350)	Oil > $85, CBN resumes sales, FDI returns	Appreciation
Bearish (₦1,600+)	Oil < $70, election spending, no reforms	Severe Depreciation
Base Case (₦1,480)	Oil ~ $78, moderate reforms	Sideways Volatility

Risk: If reserves fall below $35B, CBN may reintroduce multiple rates

Top 5 Most Affected Currencies (Nov 3, 2025)

Rank	Currency	Central Rate (₦)	% Change vs Oct 31
1	GBP	₦1,885.12	+1.15%
2	USD	₦1,435.84	+1.03%
3	SAR	₦382.83	+1.02%
4	CNY	₦201.62	+1.00%
5	EUR	₦1,652.80	+0.79%

 

What Should You Do Now?

Action	Who
Lock in USD at current rates	Importers, schools
Delay forex purchases	Exporters, diaspora
Hedge with CBN forward contracts	Large corporates
Monitor CBN website daily	Everyone

 

Pro Tip: Use Form A for official rates — avoid parallel market premium.

Final Thoughts: A Wake-Up Call for Nigeria’s Forex Stability

The November 3, 2025 NFEM rates signal renewed pressure on the Naira, driven by oil volatility, policy tightening, and seasonal demand. While short-term pain is likely (higher inflation, import costs),long-term recovery depends on:

·        Sustained oil prices above $80 

·        CBN transparency in forex allocation 

·        Reduced fiscal dollar dependence

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