The dollar-to-naira exchange rate remains a major concern for Nigerians as the local currency continues to trade at different rates across the official and parallel foreign exchange markets.
According to the latest available market data, the official Nigerian Foreign Exchange Market (NFEM) rate stands at approximately ₦1,321.68 per US dollar.
Meanwhile, the parallel market is quoting the dollar at about ₦1,395 to buy and ₦1,405 to sell.
At the official rate, $100 is worth approximately ₦132,168. In the parallel market, buying $100 at the quoted selling rate would cost around ₦140,500.
Parallel Market Dollar Rate
In the parallel market, Bureau De Change operators are reportedly buying dollars at approximately ₦1,395 per dollar, while customers purchasing dollars are paying about ₦1,405.
At the current selling rate, $1,000 would cost approximately ₦1.405 million.
However, parallel-market rates can differ depending on location, transaction size and individual dealers. Nigerians engaging in foreign exchange transactions are advised to confirm the prevailing rate before completing any deal.
What Is Driving the Exchange Rate?
The naira’s recent performance has been influenced by developments in the foreign exchange market, particularly dollar liquidity and movements in Nigeria’s external reserves.
The currency had earlier strengthened to around ₦1,315 per dollar in the official market, marking its strongest level in about two years at the time.
Despite the recent movements, exchange rates remain subject to market conditions and can change throughout the day.
RaveNews Online will continue to provide updates on the dollar-naira exchange rate and other developments in Nigeria’s foreign exchange market.
