The dollar-to-naira exchange rate remains a major concern for Nigerians as the naira continues to trade at different rates across the official and parallel foreign exchange markets.
The latest available market data puts the official Nigerian Foreign Exchange Market (NFEM) rate at about ₦1,321.68 per US dollar. In the parallel market, the dollar is currently quoted at approximately ₦1,395 to buy and ₦1,405 to sell, based on the latest available market tracker figures.
At the official rate, $100 is worth approximately ₦132,168. However, buying $100 at the quoted parallel-market selling rate would cost about ₦140,500.
Parallel market exchange rate
The dollar is currently trading at around ₦1,395 on the buying side and ₦1,405 on the selling side in the parallel market.
This means Bureau De Change operators would pay about ₦1,395 for each dollar sold to them, while customers looking to buy dollars would pay approximately ₦1,405 per dollar.
At the quoted selling rate, purchasing $1,000 would cost about ₦1.405 million.
What is driving the exchange rate?
Recent movements in the naira have been influenced by developments in the foreign exchange market, particularly dollar liquidity and the country’s external reserves.
Earlier reports indicated that the naira strengthened to around ₦1,315 per dollar in the official market, marking its strongest performance in about two years at the time.
However, parallel-market exchange rates may differ depending on location, transaction size and individual dealers. Nigerians buying or selling dollars are therefore advised to confirm the prevailing rate before completing any transaction.