Black Market Dollar(USD) To Naira (NGN) Exchange Rate Today, December 3, 2025
The Nigerian Naira continued its run of stability against the US Dollar on Wednesday, December 3, 2025, maintaining a tight convergence between the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
Data from the FMDQ Securities Exchange reveals that the Naira opened trading at the official window at ₦1,448.43 per dollar. Market sentiment remains cautiously optimistic as the local currency has hovered steadily around the ₦1,450 mark throughout the week.
This stability follows a close of ₦1,450.01 recorded earlier in the week, reflecting the sustained liquidity injection and improved transparency reforms championed by the Central Bank of Nigeria (CBN).
Parallel Market Watch
In the parallel market, often referred to as the black market, the exchange rate showed little deviation from the official figures, trading between ₦1,455 and ₦1,460 to the dollar in Lagos and Abuja.
This near-convergence—a gap of less than ₦15—marks a significant victory for the CBN’s “willing buyer, willing seller” policy, effectively reducing the arbitrage opportunities that previously plagued the forex ecosystem.
Traders at the popular Wuse Zone 4 market in Abuja noted that demand has normalised.
Economic Drivers: Reserves and Inflation
The relative stability of the Naira is underpinned by robust macroeconomic fundamentals. Nigeria’s foreign exchange reserves have seen a consistent accretion, reaching approximately $44.56 billion as of late November 2025.
This is the highest level recorded in over five years, providing the CBN with sufficient firepower to defend the Naira and clear backlog obligations.
Furthermore, the National Bureau of Statistics (NBS) recently reported that headline inflation dropped to 16.05% year-on-year in October 2025, a three-and-a-half-year low.
The cooling inflation, driven by a harvest-boosted food supply and a stabilised exchange rate, has increased real returns on Naira-denominated assets, attracting foreign portfolio investment.
CBN Stance
The Monetary Policy Committee (MPC), which recently held the benchmark interest rate at 27.00%, has reiterated its commitment to price stability. CBN Governor Olayemi Cardoso, speaking at a recent stakeholders’ forum, emphasised that the current exchange rate reflects the “true market value” of the currency and that the apex bank would continue to intervene only to smooth out volatility rather than fix prices.
Outlook
Analysts at major investment banks expect the Naira to trade within the ₦1,445 – ₦1,465 band for the remainder of the festive season. With the Eurobond yields moderating and oil production output steady, the outlook for the Naira remains positive heading into 2026.
Exchange Rates
NFEM (Official) Open: ₦1,448.43 / $1
NFEM (Official) Projected Close: ₦1,450.00 / $1
Parallel Market (Buy): ₦1,452 / $1
Parallel Market (Sell): ₦1,460 / $1
GBP to Naira (Black Market): ₦1,925 / £1
Euro to Naira (Black Market): ₦1,680 / €1
Hafsoh Isiaq is a graduate of Linguistics. An avid writer committed to creative, high-quality research and news reportage. She has considerable experience in writing and reporting across a variety of platforms including print and online.
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