The Nigerian naira traded at ₦1,379.22 to the United States dollar at the official Nigerian Foreign Exchange Market on Monday, maintaining relative stability against the greenback.
According to Vanguard, the official exchange rate means $100 exchanged for about ₦137,922, while $1,000 was valued at approximately ₦1.379 million.
In the parallel market, also known as the black market, the dollar traded at around ₦1,390 for buying and between ₦1,400 and ₦1,405 for selling, depending on location, dealer quotations and transaction volume.
At the average parallel market selling rate of ₦1,400 per dollar, $100 exchanged for about ₦140,000, while $1,000 was valued at roughly ₦1.4 million.
The gap between the official and parallel market rates remained relatively narrow at about ₦21 per dollar, reflecting continued stability in the foreign exchange market amid improved liquidity and ongoing policy reforms.
Vanguard reported that the Central Bank of Nigeria determines the NFEM exchange rate using a volume-weighted average of transactions conducted in the official foreign exchange market, making it the country’s benchmark rate.
The newspaper also noted that exchange rates may vary slightly across banks, bureaux de change and parallel market locations due to fluctuations in demand and supply.
