Naira Gap Hits ₦83, Dollar Sells At ₦1,405

The naira has recorded an ₦83 gap between official and parallel-market dollar selling rates. The latest available data puts the official NFEM rate at about ₦1,321.68 per dollar.

The parallel market is quoting the dollar at approximately ₦1,395 to buy and ₦1,405 to sell. At the parallel-market selling rate, $100 costs about ₦140,500, compared with ₦132,168 at the official rate.

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

The difference means buyers pay about ₦8,332 more for $100 through the parallel market. For larger transactions, $1,000 costs approximately ₦1.405 million at the parallel-market selling rate.

In the parallel market, Bureau De Change operators buy dollars for about ₦1,395 and sell them for around ₦1,405.

The naira’s recent performance has been influenced by developments in dollar liquidity and Nigeria’s external reserves.

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Deborah Akwa

Deborah Akwa is a content writer with over four years of experience creating brand stories, editorial content, and audience-focused articles on topics like health, lifestyle, and entertainment.

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