The exchange rate between the Nigerian Naira and the US Dollar remains a key focus for businesses and travelers this Sunday morning.
With the official markets closed for the weekend, rates have held relatively steady on the parallel market and P2P platforms.
Official Exchange Rate (NAFEX/CBN)
As of the close of business on Friday, the official rate remained stable. The Central Bank of Nigeria (CBN) and the Nigerian Foreign Exchange Market (NFEM) recorded the following figures:
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Closing Rate: ₦1,352.62
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Highest Traded Rate: ₦1,362.00
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Lowest Traded Rate: ₦1,349.00
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Weekly Trend: The Naira has seen slight gains over the past week, moving from an average of ₦1,376 earlier in the month to the current 1,350-range.
Parallel Market (Black Market) Rate
In the unauthorized or “black market,” the Dollar is trading at a slightly higher premium. Early Sunday morning reports from bureau de change (BDC) operators and P2P (Peer-to-Peer) platforms indicate the following:
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Buying Rate: ₦1,350
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Selling Rate: ₦1,357
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Status: Stable. The market is currently experiencing low volatility as traders await the impact of the newly announced fuel price hike on Monday’s official opening.
Other Major Currency Rates
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British Pound (GBP): Trading at approximately ₦1,715 (Buy) and ₦1,728 (Sell).
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Euro (EUR): Trading at approximately ₦1,465 (Buy) and ₦1,478 (Sell).
Publisher’s Note: Please be aware that exchange rates in the parallel market can vary significantly depending on the location (Lagos, Abuja, or Kano) and the volume of the transaction. We recommend verifying with a local dealer before making large trades.
