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The naira has recorded a gap of about ₦56 between the official and parallel-market dollar rates.
As of Wednesday, the latest figures show the dollar at ₦1,329.15 on the NFEM. The parallel market is quoting about ₦1,380 to buy and ₦1,385 to sell.
The latest Central Bank of Nigeria (CBN) data put the Nigerian Foreign Exchange Market (NFEM) rate at ₦1,329.15 per dollar for Tuesday’s trading session.
The CBN describes the NFEM rate as the volume-weighted average and official exchange rate for the day. Meanwhile, the dollar is trading at about ₦1,380 to buy and ₦1,385 to sell in the parallel market.
Aboki Forex provided the latest parallel-market figures, which it says dealers across major Nigerian cities update hourly. This means buyers may need about ₦1,385 to purchase $1 in the parallel market.
Those selling a dollar may receive around ₦1,380, depending on the dealer, location and transaction size. The difference between the NFEM rate and the parallel-market selling rate is about ₦55.85 per dollar.
The gap between the official rate and the parallel-market buying rate is about ₦50.85.
The spread remains important for businesses and individuals who need dollars for imports, international payments, tuition and travel. It also affects other dollar-denominated transactions.
However, exchange rates can change during the day as dollar supply and demand shift.
Aboki Forex also cautions that parallel-market rates may vary by location, dealer and transaction size.
For official transactions, the applicable rate depends on the authorised financial institution and prevailing NFEM rate. Parallel-market transactions, meanwhile, may attract different buying and selling rates.
