The naira remained relatively steady against the US dollar on Wednesday, August 26, with a noticeable difference between official and parallel-market quotations.
Official and parallel rates
Available NFEM data put the official rate at about ₦1,346.34 per dollar, while the latest confirmed closing figure was around ₦1,346.90. In the parallel market, the dollar was quoted near ₦1,400.
At the quoted street rate, $100 would be approximately ₦140,000 and $1,000 would be about ₦1.4 million. The gap between the cited official and parallel rates was roughly ₦53.66 per dollar.
Rates can change during the day
The Central Bank of Nigeria explains that the NFEM figure reflects a volume-weighted average of transactions. Actual rates offered by banks, Bureau de Change operators and other dealers may vary according to liquidity, demand and location.
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Conclusion
The relatively narrow gap compared with earlier periods suggests some stability, but Nigerians buying or selling foreign currency should confirm the live rate before completing a transaction.
