The dollar-to-naira exchange rate opened the new week with the naira trading at about ₦1,321.68 per US dollar at the official rate, while the parallel market rate stood at ₦1,390 per dollar for buying and ₦1,400 for selling, according to available market data.
The latest available NFEM figure for September 7 puts the official exchange rate at ₦1,321.68 to the dollar. However, the Central Bank of Nigeria’s published NFEM table shows September 4 as the latest dated trading entry, with a rate of ₦1,321.2160 per dollar. The September 7 figure should therefore be treated as the latest available indicative rate rather than a confirmed CBN trading close.
At the parallel market, Aboki Forex reported a buying rate of ₦1,390 and a selling rate of ₦1,400 per dollar. This means a person selling $1 could receive about ₦1,390, while buying $1 could cost approximately ₦1,400. Actual rates may vary by dealer, location and transaction size.
The difference between the indicative official rate and the parallel-market selling rate is about ₦78.32 per dollar. For $100, the indicative official equivalent is approximately ₦132,168, while buying $100 at the parallel-market selling rate would cost about ₦140,000.
The naira’s performance remains closely watched by importers, businesses, travellers and Nigerians receiving or sending foreign currency. However, the parallel market is separate from the regulated official market, and the two rates should not be treated as interchangeable.
Rates can change during the day, so anyone exchanging currency should confirm the current quote with a bank, licensed Bureau de Change or trusted dealer before completing a transaction.
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