The Nigerian naira strengthened against the United States dollar on Tuesday, with the currency gaining ground in both the official and parallel foreign exchange markets.
At the Nigerian Foreign Exchange Market (NFEM), the dollar fell to ₦1,327.78 on Tuesday, September 22, from ₦1,329.80 recorded the previous day. This represents a gain of about ₦2.02 for the naira.
In the parallel market, the dollar was quoted at about ₦1,389, compared with ₦1,390 on Monday.
The difference between the official and parallel-market rates stood at approximately ₦61.22 per dollar.
At the parallel-market rate of ₦1,389, a person buying $100 would need about ₦138,900, while $1,000 would cost approximately ₦1.389 million.
Market rates may vary depending on the dealer, location, transaction size and prevailing supply and demand conditions.
The naira’s recent movement comes amid developments in Nigeria’s foreign exchange market, including changes in dollar liquidity and monetary policy.
The currency’s performance continues to be closely monitored by businesses and individuals with foreign exchange obligations, as movements in the exchange rate can affect the cost of imports, international payments and other dollar-denominated transactions.
