The Nigerian naira recorded marginal gains against the United States dollar at the official foreign exchange market on Tuesday, while the dollar traded at about N1,389 in the parallel market.
At the Nigerian Foreign Exchange Market (NFEM), the naira appreciated to N1,327.78 per dollar from N1,329.80 recorded on Monday, representing a N2.02 gain.
In the parallel market, the dollar was quoted at about N1,389 on Tuesday, compared with N1,390 recorded the previous day.
The difference between the official NFEM rate and the parallel-market rate stood at approximately N61.22 per dollar.
At the parallel-market rate of N1,389, a customer buying $100 would require about N138,900, while $1,000 would cost approximately N1.389 million.
However, actual exchange rates available to individuals and businesses may vary depending on the dealer, location, transaction size and prevailing market conditions.
The naira’s recent movement comes amid developments in Nigeria’s foreign exchange market, including changes in dollar liquidity and monetary policy.
The Central Bank of Nigeria continues to monitor developments in the foreign exchange market as the naira trades around the N1,300-per-dollar level at the official market.
The latest confirmed figures for Wednesday, September 23, put the dollar at N1,327.78 at the NFEM and about N1,389 in the parallel market.
Exchange rates may change during the day depending on movements in demand and supply.