Naira Trades At ₦1,332 Per Dollar

The naira has traded at about ₦1,332 per dollar in the official foreign exchange market on Tuesday, while parallel-market dealers have continued to quote higher rates.

The latest indicative rates show the Nigerian Foreign Exchange Market (NFEM) reference rate at about ₦1,332 per dollar. In the parallel market, Bureau de Change (BDC) operators are buying the dollar at around ₦1,365 and selling it for about ₦1,380.

The difference means customers buying dollars from parallel-market dealers may pay more than those accessing foreign exchange at the official market rate.

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BDC operator holding Naira and Dollar notes. Credit: Bloomberg.

At the official rate, $100 is worth approximately ₦133,200. However, buying the same amount at the parallel-market selling rate of ₦1,380 per dollar would cost about ₦138,000. This represents a difference of ₦4,800 between the two rates for a $100 transaction.

Exchange rates may vary depending on the dealer, location, transaction size and availability of foreign currency. The figures are indicative and may change during the day.

Individuals and businesses exchanging dollars are advised to confirm current rates with authorised providers before completing transactions.

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Deborah Akwa

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