The Nigerian naira opened Friday’s trading session relatively steady against the US dollar, with the official exchange rate remaining below the prevailing parallel-market rate.
Here are the latest reported figures for Nigerians monitoring the foreign exchange market.
OFFICIAL MARKET RATE
The dollar traded at approximately ₦1,346.86 at the Nigerian Foreign Exchange Market (NFEM).
PARALLEL MARKET (BLACK MARKET)
- Buying rate: ₦1,375 per dollar
- Selling rate: ₦1,385 per dollar
These figures are indicative and may vary depending on the location and Bureau De Change operator.
Market observers attribute the relative stability to foreign exchange liquidity and continued inflows. However, exchange rates can fluctuate during the trading day as demand and supply conditions change.
HOW MUCH IS YOUR DOLLAR WORTH TODAY?
If you are exchanging $100, the reported parallel-market buying rate would give you approximately ₦137,500. If you want to buy $100 at the reported selling rate, you would need approximately ₦138,500.
Remember that the rate you receive depends on whether you are buying or selling dollars.
What rate are dollar dealers offering in your area today? Share your figures in the comments.
