GistReel
The US dollar continued to sell above ₦1,400 in Nigeria’s parallel foreign exchange market on Wednesday, September 2, despite the naira maintaining a significantly stronger position in the official market.
The gap between both markets remained evident, with the latest Nigerian Foreign Exchange Market (NFEM) data placing the dollar at ₦1,329.43, while parallel-market traders quoted higher rates.
Parallel market maintains higher dollar rates
Live figures published by Aboki Forex on September 2 showed that the dollar was bought at approximately ₦1,400 and sold at around ₦1,405.
Meanwhile, NairaToday quoted the greenback at about ₦1,410, reflecting differences in rates across locations and dealers operating in the informal market.
The varying quotations highlight the volatile nature of the parallel market, where exchange rates are largely influenced by local demand and the availability of foreign currency.
Naira closes at ₦1,329 in official market
In the official market, the Central Bank of Nigeria’s latest available NFEM figures showed that the naira traded at ₦1,329.43 per dollar on September 1.
The Nigerian currency later closed trading at ₦1,329.00 against the dollar.
The NFEM benchmark is derived from the volume-weighted average of completed foreign exchange transactions within the official market.
At the prevailing official rate, $100 was worth approximately ₦132,943.
The difference between the official and parallel-market rates means Nigerians seeking foreign currency may encounter varying prices depending on where transactions are carried out.
Factors including location, transaction volume, dealer pricing and market conditions can also affect the final exchange rate offered.
As trading continues, both the official and parallel-market rates may experience further movements during the day.