The naira opened the new week at approximately ₦1,321.68 per US dollar at the official exchange rate, while the parallel market traded at about ₦1,390/$ for buying and ₦1,400/$ for selling, according to available market data.
The latest available NFEM figure for Monday, September 7, puts the official exchange rate at ₦1,321.68 to $1. However, the Central Bank of Nigeria’s published NFEM data lists September 4 as the latest dated trading entry, at ₦1,321.2160 per dollar. The September 7 figure should therefore be regarded as the latest available indicative rate rather than a confirmed CBN trading close.
At the parallel market, available market data puts the dollar at ₦1,390 for buying and ₦1,400 for selling. This means anyone selling $1 could receive around ₦1,390, while purchasing $1 could cost approximately ₦1,400. Actual rates may vary depending on the dealer, location and transaction size.
The gap between the indicative official rate and the parallel-market selling rate is approximately ₦78.32 per dollar. At these rates, $100 is equivalent to about ₦132,168 at the indicative official rate, while purchasing $100 at the parallel-market selling rate would cost approximately ₦140,000.
The naira’s performance continues to attract attention from businesses, importers, travellers and Nigerians receiving or sending foreign currency. However, the official and parallel markets operate separately, and their rates should not be treated as interchangeable.
Exchange rates can change throughout the day. Individuals and businesses are therefore advised to confirm the prevailing rate with their bank, licensed Bureau de Change operator or trusted dealer before completing any foreign exchange transaction.
