The naira is currently trading at around ₦1,321.37 to the US dollar based on the latest available official market data, while the parallel market is quoting the dollar between ₦1,385 and ₦1,410, depending on the platform and whether it is a buying or selling rate.
However, the Central Bank of Nigeria’s NFEM table lists September 4 as its most recent dated trading entry, with the official exchange rate recorded at ₦1,321.2160 per dollar. As a result, the September 9 figure should be regarded as the latest available rate rather than a confirmed CBN closing rate for the day.
At the official rate of ₦1,321.37 per dollar, $100 is equivalent to approximately ₦132,137, while $1,000 converts to about ₦1,321,370.
Parallel-market rates differ across various tracking platforms. NairaToday lists the dollar at a buying rate of ₦1,385 and a selling rate of ₦1,410, while AbokiForex reports a buying rate of ₦1,385 and a selling rate of ₦1,395.
Based on NairaToday’s figures, anyone selling $100 could receive approximately ₦138,500, while buying the same amount could cost around ₦141,000. Using AbokiForex’s selling rate, $100 would cost approximately ₦139,500.
Actual parallel-market rates may vary depending on the dealer, location and size of the transaction.
Using the official rate of ₦1,321.37 and NairaToday’s parallel-market selling rate of ₦1,410, the difference stands at approximately ₦88.63 per dollar.