The naira opened the new week at about ₦1,321.68 to the US dollar at the official market, while the parallel market traded at ₦1,390 per dollar for buying and ₦1,400 for selling, based on available market data.
The latest available NFEM figure for September 7 indicates an official exchange rate of ₦1,321.68 per dollar. However, the Central Bank of Nigeria’s published NFEM table lists September 4 as the most recent dated trading entry, with the rate recorded at ₦1,321.2160 per dollar. As a result, the September 7 figure should be regarded as an indicative rate rather than a confirmed CBN trading close.
In the parallel market, Aboki Forex quoted the dollar at ₦1,390 for buying and ₦1,400 for selling. This means those selling $1 could receive around ₦1,390, while purchasing $1 could cost approximately ₦1,400. Rates may differ depending on the dealer, location and size of the transaction.
The gap between the indicative official rate and the parallel-market selling rate is about ₦78.32 per dollar. At the indicative official rate, $100 would be worth approximately ₦132,168, while purchasing $100 at the parallel-market selling rate would cost about ₦140,000.
The naira’s movement continues to attract attention from importers, businesses, travellers and Nigerians receiving or sending money in foreign currencies. However, the official and parallel markets operate separately, meaning their rates should not be considered interchangeable.
Exchange rates can fluctuate throughout the day. Nigerians looking to buy or sell foreign currency are therefore advised to confirm the prevailing rate with their bank, a licensed Bureau de Change or a trusted dealer before completing any transaction.