The naira opened at N1,339.93 per dollar on the official foreign exchange market, while the dollar sold for between N1,380 and N1,385 in the parallel market.
The opening rate at the Nigerian Foreign Exchange Market (NFEM) reflected slight movements in early trading, as the local currency continued to trade within the range recorded in recent sessions.
In the parallel market, currency dealers in major commercial centres, including Lagos and Abuja, quoted different rates depending on the availability of dollars and demand from buyers.
Independent dealers reported buying the dollar at about N1,370 and selling it at between N1,380 and N1,385.
Naira to Dollar Exchange Rate
| Foreign Exchange Market | Buying Rate | Selling Rate |
|---|---|---|
| Official Market (NFEM) | — | N1,339.93 |
| Parallel Market | N1,370 | N1,380–N1,385 |
The figures reflect the rates provided for the opening session. Parallel market prices may vary depending on the dealer and location.
The difference between the official and parallel market rates means individuals and businesses sourcing foreign currency through unofficial channels may pay more than the official market rate.
Demand from importers and domestic businesses remains one of the factors influencing activity in the foreign exchange market. Foreign capital inflows and the Central Bank of Nigeria’s intervention measures also affect the availability of dollars.
Nigeria’s foreign reserves have remained above $55 billion, providing a buffer for the country’s external obligations and foreign exchange management.
Despite the reserve position, continued demand for foreign currency from businesses and importers remains a factor in the movement of the naira across the different market segments.
Submit a Press Release | Advertise With Fresh News | Contact Us
