The naira is trading at approximately ₦1,321.37 to the US dollar based on the latest available official market data, while parallel-market rates remain significantly higher.
Data from the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) shows ₦1,321.2160 per dollar on September 4, the latest dated trading entry currently available. As a result, the September 9 figure of ₦1,321.37 should be considered the latest available rate rather than a confirmed official closing rate for the day.
At the official rate of ₦1,321.37 per dollar, $100 is worth approximately ₦132,137, while $1,000 converts to about ₦1.32 million.
Parallel-market rates
Parallel-market dollar rates vary depending on the source, dealer and transaction side.
NairaToday lists the dollar at ₦1,385 for buying and ₦1,410 for selling, while AbokiForex reports a buying rate of ₦1,385 and a selling rate of ₦1,395.
At NairaToday’s quoted buying rate, someone selling $100 would receive about ₦138,500. Buying the same amount at its selling rate would cost approximately ₦141,000.
Using AbokiForex’s selling rate, $100 would cost about ₦139,500.
Actual parallel-market rates may differ depending on the location, dealer and size of the transaction.
Gap between official and parallel rates
The difference between the official rate of ₦1,321.37 and NairaToday’s parallel-market selling rate of ₦1,410 stands at approximately ₦88.63 per dollar.
The figures highlight the continued gap between Nigeria’s official foreign-exchange market and parallel-market dollar pricing.
