The Nigerian naira recorded slight gains against the United States dollar at the official foreign exchange market on Tuesday, while the parallel market also saw a marginal movement.
Data from the Nigerian Foreign Exchange Market, NFEM, showed that the naira closed at N1,327.78 to the dollar on Tuesday, September 22, compared with N1,329.80 on Monday. This represents an appreciation of N2.02.
In the parallel market, the dollar was traded at around N1,389 on Tuesday, down from N1,390 recorded the previous day.
The difference between the official NFEM rate and the parallel-market rate stood at approximately N61.22 per dollar.
At the parallel-market rate of N1,389, a buyer would need about N138,900 to purchase $100, while $1,000 would cost approximately N1.389 million.
However, actual rates available to individuals and businesses may differ depending on the dealer, location, transaction size and market conditions.
The recent movement in the naira comes amid developments in Nigeria’s foreign exchange market, including changes in dollar liquidity and monetary policy.
The Central Bank of Nigeria continues to monitor developments in the foreign exchange market, with the naira trading around the N1,300-per-dollar level at the official market. Reuters also reported in September that the naira had remained relatively stable, supported by central bank dollar sales and subdued import demand.
As of Wednesday, September 23, the latest confirmed figures put the dollar at N1,327.78 at the NFEM and around N1,389 in the parallel market. Rates may change during the day as demand and supply conditions evolve.
Source: Vanguard
