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The naira remained relatively stable against the United States (US) dollar on Wednesday, with the gap between official and parallel rates staying contained.
The latest Nigerian Foreign Exchange Market (NFEM) rate puts the dollar at about ₦1,346.34, while the most recent confirmed official closing rate was around ₦1,346.90 per dollar.
The Central Bank of Nigeria (CBN) says the NFEM rate is based on the volume-weighted average of transactions in the official market.
In the parallel market, the dollar was quoted at about ₦1,400 per dollar on Wednesday, according to Aboki Forex.
This puts the gap between the official NFEM rate and the parallel market at about ₦53.66 per dollar.
At the parallel-market rate, $100 is worth about ₦140,000, while $1,000 is worth approximately ₦1.4 million.
The naira’s recent stability follows improved conditions in the foreign exchange market.
Reuters reported last week that the naira traded around ₦1,345 per dollar in the official market, while street rates stood at about ₦1,410 per dollar.
The CBN said official NFEM rates reflect actual market transactions, while parallel-market rates can change based on dollar supply, demand and trading conditions.
Rates offered by banks, Bureau de Change operators and other dealers may therefore differ from published market indications.
The dollar-to-naira rate can also change throughout the day as market liquidity and demand shift.
