Naira Trades at ₦1,329.80 Against the Dollar

The latest available figures from the Nigerian Foreign Exchange Market (NFEM), based on Central Bank of Nigeria (CBN) data, showed the naira trading at ₦1,329.80 per dollar officially and around ₦1,389 per dollar in the parallel market on Tuesday

The NFEM rate is the volume-weighted average rate from transactions in Nigeria’s formal foreign exchange market.

It serves as the official exchange rate for the day. The latest official rate reflects Monday’s closing figure, with the naira closing at ₦1,329.80 per dollar.

Meanwhile, the dollar traded at about ₦1,389 in the parallel market. Reported buying rates stood at around ₦1,381 per dollar. This means the gap between the official rate and the parallel-market selling rate stood at about ₦59.20 per dollar.

The difference shows that the naira is still trading at separate levels across Nigeria’s two major foreign exchange markets.

The naira’s movement is influenced by dollar supply and demand, foreign exchange inflows and import-related demand.

Monetary policy decisions can also affect market conditions. However, actual rates may vary for customers.

Banks, Bureau de Change operators and other dealers can quote different rates based on transaction size, location and available dollar liquidity.

Parallel-market rates can also change during the day. The NFEM rate, by contrast, reflects transactions in the official foreign exchange market.