The Nigerian naira strengthened against the US dollar at the official foreign exchange market on Wednesday, September 23, with the currency moving further below the previous session’s rate.
The naira closed at N1,327.78 per dollar at the Nigerian Foreign Exchange Market, compared with N1,329.80 recorded on Tuesday. The latest movement represents a N2.02 appreciation against the dollar.
In the parallel market, the dollar was quoted at about N1,389 on Tuesday, down slightly from N1,390 the previous day. The Brandspur Banking News Desk reports that the difference between the official and parallel market rates stood at approximately N61.22 per dollar based on the latest figures provided.
At the reported parallel market rate, $100 would exchange for about N138,900, while $1,000 would be worth approximately N1.389 million. Actual rates available to buyers may differ depending on the dealer, location, transaction size and prevailing market conditions.
The latest movement comes as the naira continues to trade around the N1,300 per dollar level at the official market. Conditions in the foreign exchange market have been influenced by dollar availability, demand for foreign currency and import activity.
The Central Bank of Nigeria has continued to monitor developments in the FX market while implementing measures intended to improve liquidity and strengthen the functioning of the market.
Earlier reports cited central bank dollar sales and subdued import demand among factors supporting the naira’s relative stability in September.
For individuals and businesses, the distinction between the two markets remains significant. The NFEM rate reflects transactions within the formal foreign exchange market, while parallel market prices are shaped by transactions outside that system.
This means the cost of obtaining dollars can vary depending on whether a customer or business accesses the formal market or relies on parallel market transactions.
As of Wednesday, the latest confirmed figures put the official rate at N1,327.78 per dollar and the parallel market rate at around N1,389. Exchange rates remain subject to changes as foreign currency demand and supply conditions shift.
