Official CBN Exchange Rate Today 28 November 2025 - USD, Euro, Pound Full List

 

Nigerian Naira Exchange Rates November 2025: Official vs Black Market Trends, CBN Impact, and Economic Implications

In the dynamic world of Nigerian forex rates, staying ahead means understanding the latest Naira to USD exchange rate, Naira to Euro, and Naira to Pound Sterling fluctuations. As of November 28, 2025, the Central Bank of Nigeria (CBN) has released updated official Naira exchange rates that signal cautious stability amid ongoing volatility. Whether you're an importer scouting dollar to Naira black market rates for cost planning, an exporter eyeing competitive edges, or an investor tracking Naira depreciation trends, this comprehensive guide breaks down the numbers, compares official and parallel markets, and explores how these shifts ripple through Nigeria's economy. Dive in for actionable insights on Nigerian foreign exchange market rates and their commercial impact.

Latest Official Naira Exchange Rates: November 28, 2025 Breakdown

The CBN's Nigerian Foreign Exchange Market (NFEM) provides the benchmark for transparent official Naira rates, derived from volume-weighted averages. These rates guide banks, businesses, and official transactions like remittances and imports. Here's the full table for key currencies as of November 28, 2025

Currency	Date	Buying Rate	Central Rate	Selling Rate
CFA Franc	2025-11-28	2.5257	2.5357	2.5457
Chinese Yuan/Renminbi	2025-11-28	204.3452	204.4158	204.4865
Danish Krone	2025-11-28	224.0384	224.1159	224.1933
Euro	2025-11-28	1,673.3019	1,673.8806	1,674.4593
Japanese Yen	2025-11-28	9.2451	9.2483	9.2515
Saudi Riyal	2025-11-28	385.3668	385.5001	385.6334
South African Rand	2025-11-28	84.4930	84.5222	84.5514
SDR (Special Drawing Rights)	2025-11-28	1,963.4623	1,964.1414	1,964.8204
Swiss Franc	2025-11-28	1,794.6153	1,795.2360	1,795.8566
British Pound Sterling	2025-11-28	1,911.9939	1,912.6552	1,913.3164
US Dollar	2025-11-28	1,445.7421	1,446.2421	1,446.7421
West African CFA (WAUA)	2025-11-28	1,958.2742	1,958.9514	1,959.6287

Key Highlights for Traders and Businesses:

• US Dollar (NGN/USD): Central rate at ₦1,446.24, reflecting a modest premium for sellers at ₦1,446.74. This stability aids importers budgeting for machinery or raw materials.
• Euro (NGN/EUR): At ₦1,673.88 central, it's a boon for Eurozone trade partners, but watch for ECB policy shifts.
• Pound Sterling (NGN/GBP): ₦1,912.66 central rate supports UK-Nigeria remittances and exports like cocoa.

These official Naira exchange rates are ideal for commercial intent—use them for Form A applications, school fees abroad, or BTA/PTA. For real-time conversions, tools like the CBN's NFEM portal are essential for Nigerian forex trading strategies.

Official vs Black Market Rates: A Widening Gap for Importers and Exporters

While official rates offer predictability, the black market dollar to Naira rate tells a different story, driven by parallel demand from SMEs and individuals. As of November 30, 2025, the parallel market quotes the USD at approximately ₦1,470 (selling), a 1.6% premium over the official ₦1,446.74. Earlier in November, the spread hovered at ₦1,455–₦1,465, but scarcity pushed it higher by month's end.

Why the Divergence?

• Official Market: CBN interventions via the Electronic Foreign Exchange Matching System (EFEMS) ensure transparency, capping volatility for large transactions.
• Black Market: High demand for cash dollars (e.g., for travel or informal trade) outstrips supply, inflating rates. This gap erodes trust and fuels speculation, but it's a lifeline for quick access.

For businesses with commercial intent in Nigerian forex, the 1–2% premium means higher costs for parallel trades, trades therefore—opt for official channels to hedge risks. Tools like AbokiFX trackers help monitor Naira black market rates daily.

Naira Exchange Rate Trends: From October 31 to November 28, 2025

Tracking Naira depreciation trends reveals a story of resilience amid pressures. From October 31 (NFEM USD at ₦1,421.23) to November 28 (₦1,446.24), the Naira depreciated by about 1.75% against the USD. The EUR weakened from ₦1,639.82 to ₦1,673.88 (2.1% drop in Naira's value), while GBP followed suit from levels near ₦1,850 to ₦1,912.66.

Overall Trend: Modest weakening, with weekly fluctuations between ₦1,440–₦1,470 for USD. Reserves dipped to $38.88 billion by January 2025 (post-November data), covering 8.8 months of imports, but oil inflows cushioned the slide. Year-to-date 2025, the Naira has strengthened 14% overall, thanks to reforms, but November's uptick signals seasonal demand pressures.

For exporters, this Naira to USD rate dip boosts competitiveness—sesame and cocoa shipments could yield 2–3% more revenue.

CBN MPC Decision: How November 2025 Policies Shape Forex Rates

The CBN's Monetary Policy Committee (MPC) meeting on November 25, 2025, opted to hold the benchmark rate at 27%, retaining the 45% Cash Reserve Ratio (CRR) while narrowing the asymmetric corridor to +50/-450 bps. This "tight but targeted" stance aims to consolidate disinflation (headline at 16.05% in October) without easing prematurely.

Impact on Forex

• Stabilizing Effect: High rates attract foreign portfolio inflows ($ inflows up 20% post-meeting), bolstering reserves and curbing Naira volatility.
• Short-Term Pressure: No rate cut means borrowing costs stay elevated, squeezing liquidity for FX bids—but EFEMS reduces speculation.
• Long-Term Outlook: Expect Naira stability at ₦1,450–1,500/USD through Q1 2026, per analysts, if oil hits 1.5mbpd.

For Nigerian forex traders, this signals a "hold" on aggressive shorts—pair with USD hedges for safety.

Political and Economic Factors Driving Current Naira Rates

The Naira's November 2025 value stems from intertwined forces:

Economic Drivers:

• Oil Dependency: Brent at $58/barrel strains revenues, but production rises to 1.4mbpd support reserves.
• Inflation Spillover: Food insecurity and Ukraine war effects push imported inflation, depreciating Naira by 41% YTD.
• FX Reforms: EFEMS and unified windows narrowed official-parallel gaps, boosting inflows.

Political Influences

• Budget Deficit: 2025 fiscal spending risks FX drain, especially pre-2027 elections.
• Subsidy Removal Echoes: Fuel price hikes (post-2023) fuel inflation, indirectly weakening Naira.
• Global Geopolitics: US rate cuts and China slowdowns curb remittances, a key FX source.

These factors underscore the need for diversification—agriculture and tech exports could buffer oil shocks.

Economic and Political Implications of Current Rates

Economic Ramifications

• Inflation Moderation: Easing to 21.46% projected for 2025, but food costs linger at 13%+. Higher import bills erode PPP, hitting low-income households.
• Growth Trade-Off: GDP at 3.4% forecast, led by non-oil sectors, but high rates stifle credit.
• Balance of Payments: Trade surplus from exports (cocoa up 15%), but invisible imports (education) pressure reserves.

Political Fallout

• Social Unrest Risk Cost-of-living protests loom if Naira slips below ₦1,500/USD pre-elections.
• Policy Credibility: Reforms build investor trust, but deficit financing could spark FX controls redux.
• Global Standing: Naira's slide drops Nigeria to 4th in African GDP rankings, urging diversification.

Implications point to urgent fiscal-monetary alignment for sustainable Naira stability.

How Current Naira Rates Affect Nigeria's Stock Market Performance

A depreciating Naira pressures the Nigerian Exchange (NGX), with All-Share Index dipping 0.5% post-November data amid FX woes. Higher import costs squeeze margins for consumer stocks (e.g., Unilever exits), but oil firms like Seplat gain from USD earnings. Expect volatility: High MPR at 27% attracts FPI (up 10% YTD), boosting banking indices, but inflation erodes real returns. Investors: Diversify into export-oriented equities for Nigerian forex impact hedges.

Sectoral Impacts: Manufacturing, Agriculture, Food Production, Exports, Imports, and Financial Services

Manufacturing Sector Naira weakness hikes raw material costs (e.g., 20% rise for imported steel), forcing price hikes and capacity cuts—P&G shifted to imports-only. SMEs face 15–20% margin erosion; solution: Local sourcing incentives.

Agricultural Sector: Boosts competitiveness—cocoa exports up 15% at weaker Naira—but fertilizer imports (Ukraine-hit) inflate costs by 30%. Aging farmers and flooding exacerbate vulnerabilities.

Food Production: Imported inflation drives 13% food CPI; local staples like rice benefit from bans, but overall output lags population growth. Push for mechanization to cut import reliance.

Exports: Tailwind—depreciation makes sesame, rubber 5–10% cheaper globally, lifting non-oil FX to $10B+. Target: Double Agro-exports by 2027.

Imports: Headwind—32% surge in food imports costs ₦5T more, widening deficits. Businesses: Hedge via forwards.

Financial Services High rates spur lending (up 12%), but FX volatility deters FDI—banks like Zenith thrive on remittances, yet non-performing loans rise 5% from SME stress.

These shifts highlight opportunities in exports and risks in imports—leverage for Nigerian forex strategies.

Final Thoughts: Navigating Nigerian Forex in 2025

With Naira exchange rates stabilizing yet volatile, 2025 demands agile planning. Official rates offer a floor for commercial deals, while black market premiums signal caution. CBN's steady hand, paired with diversification, could yield a 3.4% GDP bounce. For importers, exporters, and investors: Monitor NFEM daily, hedge smartly, and capitalize on export edges. What's your take on these Naira trends? Share in comments—subscribe for weekly Nigerian forex updates.

Disclaimer: This is not a professional investment advise, this blog post is only intended for general information ,you must consult your professional financial advisor, stock broker, banker, cbn website, for current rates or professional investment advisor  before any investment or financial decisions are made.