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The naira has traded at about ₦1,390 per dollar in the parallel market on Wednesday, while the official exchange rate stands at approximately ₦1,346.43.
The latest figures show a gap between the official and parallel market rates, which remains important to businesses, importers, and Nigerians seeking foreign currency.
In the parallel market, Bureau De Change (BDC) operators are buying the dollar at about ₦1,380 and selling it for ₦1,390.
However, rates vary across locations. They also depend on dollar availability, transaction volumes, and customer demand. Therefore, the quoted prices may change throughout the day.
Meanwhile, the latest reported rate in the Nigerian Foreign Exchange Market (NFEM) is approximately ₦1,346.43 per dollar. The figure is based on the market publication for Tuesday.
The NFEM rate reflects transactions in the official foreign exchange market. In contrast, the parallel market rate is largely driven by supply and demand among independent currency dealers.
At the current rates, $100 is worth approximately ₦134,643 at the official market rate. The same amount costs about ₦139,000 at the parallel-market selling rate. This puts the difference between the two rates at approximately ₦43.57 per dollar.
The naira’s performance in the official market continues to depend on foreign exchange supply, demand from importers and other market participants, and liquidity conditions.
For Nigerians and businesses seeking dollars, checking rates with authorised market operators remains important because exchange prices can change during the day.
