The Nigerian naira traded at approximately ₦1,330.95 to the US dollar at the Nigerian Foreign Exchange Market (NFEM). Early transactions in the official market ranged between ₦1,330.95 and ₦1,332.00 per dollar, indicating relative stability amid recent daily fluctuations.
In the parallel market, currency traders and Bureau De Change (BDC) operators in major commercial centres, including Lagos and Abuja, quoted buying rates of between ₦1,360 and ₦1,365 per dollar, while selling rates ranged from ₦1,375 to ₦1,380.
The disparity between the official and parallel market rates reflects continued demand for foreign currency among retail buyers, small-scale importers and individuals seeking dollars for international travel and tuition payments.
At the prevailing official rate of ₦1,330.95 per dollar, $100 would exchange for approximately ₦133,095 through official banking channels. In contrast, purchasing the same amount in the parallel market at ₦1,380 per dollar would cost about ₦138,000.
Market participants have attributed the relative stability in the exchange rate to sustained diaspora remittance inflows and foreign portfolio investments in domestic yield-bearing instruments.
