Market News

The naira is currently trading at about N1,321.37 to the US dollar at the official market, based on the latest available data.

In the parallel market, the dollar is being bought and sold at different rates, with available figures putting the price between N1,385 and N1,410, depending on the dealer and transaction.

Data from the Central Bank of Nigeria’s NFEM table shows that September 4 is the latest dated trading entry, with the official exchange rate recorded at N1,321.2160 per dollar.

Therefore, the September 9 figure should be regarded as the latest available rate and not necessarily a confirmed official closing rate for the day.

At an official exchange rate of N1,321.37 per dollar, $100 is worth approximately N132,137, while $1,000 is equivalent to about N1.32 million.

In the parallel market, NairaToday reports a buying rate of N1,385 and a selling rate of N1,410 per dollar.

AbokiForex, however, reports a buying rate of N1,385 and a selling rate of N1,395 per dollar.

Based on NairaToday’s buying rate, anyone selling $100 could receive about N138,500.

On the other hand, buying $100 at its selling rate of N1,410 would cost approximately N141,000.

Using AbokiForex’s selling rate, $100 would cost about N139,500.

Exchange rates in the parallel market can change depending on the dealer, location, demand and amount involved in the transaction.

The difference between the official rate of N1,321.37 and NairaToday’s parallel-market selling rate of N1,410 is about N88.63 per dollar.