GistReel
The naira is trading at about ₦1,321.68 per US dollar in the official market, while the dollar is selling for approximately ₦1,405 in the parallel market, according to the latest available exchange rate data.
The difference between both markets continues to attract attention as Nigerians monitor the cost of foreign currency for business, travel, school fees and other international transactions.
At the official Nigerian Foreign Exchange Market (NFEM) rate, $100 is valued at approximately ₦132,168. However, buying the same amount from the parallel market could cost around ₦140,500, based on the quoted selling rate.
Dollar exchange rate in the parallel market
Latest market tracker figures indicate that Bureau De Change operators are buying dollars at around ₦1,395 and selling at approximately ₦1,405.
This means a person selling dollars to dealers may receive about ₦1,395 for every dollar. Meanwhile, customers seeking to purchase the currency could pay up to ₦1,405 per dollar.
At this rate, the cost of purchasing $1,000 in the parallel market stands at approximately ₦1.405 million.
What is influencing the naira?
Movements in the naira’s exchange rate have largely been linked to factors affecting Nigeria’s foreign exchange market. These include dollar availability, external reserves and demand for foreign currency.
The local currency had earlier strengthened to around ₦1,315 per dollar in the official market, marking one of its strongest performances in roughly two years.
However, rates in the parallel market are not always uniform. Prices can differ depending on location, transaction volume and individual currency dealers.
Nigerians planning to buy or sell foreign currency are therefore advised to confirm prevailing rates before carrying out any transaction.