Naira Opens at ₦1,327.16 Per Dollar

The naira opened the new trading week on Monday with the official exchange rate at approximately N1,327.16 per dollar, as market participants monitored movements in the Nigerian Foreign Exchange Market and the parallel market.

The official rate reflects transactions in Nigeria’s formal foreign exchange market, while the parallel market rate is determined by demand and supply among currency dealers outside the official market.

The parallel market rate for September 28 was yet to be independently confirmed.

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The dollar was last quoted at approximately N1,385 in the parallel market on Friday, September 25, according to BusinessDay, which reported that the rate remained stable during the week.

Dollar Inflows Pushes Naira Higher (NewsCentral TV) — Naira and Dollar Notes. Credit: Vanguard News.

Monday’s parallel market quotation may differ from Friday’s, depending on dollar supply, demand and individual Bureau de Change operators.

The naira ended the previous trading week broadly stable across both markets, supported by stronger external reserves.

The official closing rate and updated parallel market figures may change as trading continues through the day.

Author

Jimisayo Opanuga

Jimisayo Opanuga is a web writer in the Digital Department at News Central TV, where she covers African and international stories. Her reporting focuses on social issues, health, justice, and the environment, alongside general-interest news. She is passionate about telling stories that inform the public and give voice to underreported communities.