FX Naira trades at ₦1,321 as parallel market rate hits ₦1,410

The naira is currently trading at about ₦1,321.37 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 ₦1,385 and ₦1,410, 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 ₦1,321.2160 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 ₦1,321.37 per dollar, $100 is worth approximately ₦132,137, while $1,000 is equivalent to about ₦1.32 million.

In the parallel market, NairaToday reports a buying rate of ₦1,385 and a selling rate of ₦1,410 per dollar.

AbokiForex, however, reports a buying rate of ₦1,385 and a selling rate of ₦1,395 per dollar.

Based on NairaToday’s buying rate, anyone selling $100 could receive about ₦138,500.

On the other hand, buying $100 at its selling rate of ₦1,410 would cost approximately ₦141,000.

Using AbokiForex’s selling rate, $100 would cost about ₦139,500.

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 ₦1,321.37 and NairaToday’s parallel-market selling rate of ₦1,410 is about ₦88.63 per dollar.

Dear Vows