GistReel
The Nigerian naira began the new week with the US dollar quoted at about ₦1,321.68 at the official foreign exchange market.
The currency, however, remained weaker in the parallel market, where the dollar was being bought for ₦1,390 and sold for ₦1,400.
Dollar prices across the markets
The reported figures indicate a gap of about ₦78.32 between the indicative official rate and the parallel-market selling price.
At the official rate, $100 would be equivalent to roughly ₦132,168.
Anyone purchasing the same $100 at the reported parallel-market selling rate would need about ₦140,000.
The difference highlights the continued variation between Nigeria’s official and parallel foreign exchange markets.
What the latest official data shows
Although the September 7 NFEM figure is currently available at ₦1,321.68 per dollar, the CBN’s published table has September 4 as its most recent dated trading entry.
The September 4 figure was ₦1,321.2160 per dollar.
As a result, the September 7 rate is better described as the latest available indicative figure rather than a confirmed CBN closing rate.
Parallel market remains higher
Data from Aboki Forex put the parallel-market buying rate at ₦1,390 per dollar and the selling rate at ₦1,400.
This means a person selling $1 could receive around ₦1,390, while purchasing the same amount could cost approximately ₦1,400.
Actual rates may differ depending on the dealer, location and amount involved.
The exchange rate remains a key concern for businesses, importers, travellers and Nigerians involved in foreign-currency transactions.
Market participants are advised to verify prevailing rates with banks, licensed Bureau de Change operators or trusted dealers before carrying out transactions, as prices can change during the day.