The Nigerian currency continues to trade at a weaker level against the United States dollar in the informal foreign exchange segment commonly referred to as the parallel market. Market checks from Lagos-based currency traders indicate that the dollar is currently being exchanged at around ₦1,440 when sold, while buyers are offering roughly ₦1,420 per dollar.
These figures reflect the prevailing sentiment among Bureau De Change operators and street-level forex dealers who facilitate most transactions outside the official banking system. However, exchange values in this segment are not fixed and often fluctuate depending on demand, availability of foreign currency, and location of the transaction.
Snapshot of Current Parallel Market Activity
- Selling price of $1: ₦1,440
- Buying price of $1: ₦1,420
This means individuals purchasing dollars will likely pay the higher selling rate, while those converting dollars into naira may receive slightly less, based on dealer margins.
In contrast, the official window supervised by the Central Bank of Nigeria shows lower exchange figures. According to official data, the dollar trades within a narrower band, with the highest recorded rate at ₦1,357 and the lowest at ₦1,350. These official rates apply mainly to authorized banking channels and regulated financial institutions.
Official CBN Exchange Range
| Category | Exchange Value |
|---|---|
| Peak official rate | ₦1,357 per dollar |
| Lowest official rate | ₦1,350 per dollar |
It is important to understand that the apex bank does not endorse transactions carried out in the parallel market. Instead, individuals and businesses seeking foreign exchange are encouraged to use regulated financial institutions such as commercial banks, which operate under official guidelines.
Because forex pricing is highly dynamic, the actual rate offered during a transaction may differ slightly from published figures. Market forces—including liquidity levels, economic outlook, and trader sentiment—continue to influence how the naira performs against the dollar across both official and unofficial channels.
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