The naira traded relatively steadily against the United States dollar on Thursday, August 27, with the official market rate standing at about ₦1,345.94 per dollar.
Official and parallel-market rates
Recent market information put the parallel-market quotation around ₦1,405, with other Lagos Bureau de Change indications showing buying near ₦1,398 and selling around ₦1,407. The figures show a gap between the official NFEM rate and unofficial street quotations.
At the cited official rate, one dollar was about ₦59 below the parallel-market selling quote. Actual rates may vary by bank, Bureau de Change operator, location and transaction size.
What is supporting the naira?
Recent stability has been linked to improved dollar liquidity and stronger external reserves. However, demand in the parallel market can still move rates during the day, and the Central Bank does not recognise that market as official.
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Bottom line
Nigerians buying or selling foreign currency should confirm the live rate before transacting because exchange quotations can change several times in one day.
