The dollar-to-naira exchange rate remains a key focus for Nigerians as the naira continues to trade at different levels 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 trading at approximately ₦1,395 to buy and ₦1,405 to sell, according to the latest available market tracker figures.
At the official rate, $100 is worth approximately ₦132,168. By comparison, buying $100 in the parallel market at the quoted selling rate would cost about ₦140,500.
Parallel market exchange rate
In the parallel market, dealers are quoting the dollar at approximately ₦1,395 on the buying side and ₦1,405 on the selling side.
This means Bureau De Change operators would pay around ₦1,395 for every dollar they purchase, while customers looking to buy dollars would pay approximately ₦1,405 per dollar.
At the quoted selling rate, $1,000 would cost about ₦1.405 million.
What is driving the exchange rate?
The naira’s recent performance has been influenced by developments in the foreign exchange market, including dollar liquidity and movements in Nigeria’s external reserves.
Earlier reports showed the naira strengthening to around ₦1,315 per dollar in the official market, marking its strongest level in about two years at the time.
However, parallel-market rates can differ depending on location, transaction size and individual dealers. Nigerians buying or selling dollars should therefore confirm the prevailing rate before completing a transaction.
