The naira opened the new trading week on a mixed note, exchanging at about N1,321.68 to the United States dollar on the official market, while the parallel market recorded N1,390 for buying and N1,400 for selling, based on available data.

Figures from the Nigerian Foreign Exchange Market for September 7 place the official rate at N1,321.68 to the dollar. The Central Bank of Nigeria’s published NFEM table, however, lists September 4 as its most recent dated entry, showing a rate of N1,321.2160 to the dollar.

Given this gap, the September 7 figure should be regarded as the latest available indicative rate rather than a confirmed CBN trading close.

On the parallel market, popularly known as the black market, Aboki Forex quoted a buying rate of N1,390 and a selling rate of N1,400 per dollar.

This implies that a person selling $1 could get about N1,390, while someone looking to buy $1 would need to part with roughly N1,400.

Actual rates may differ depending on the dealer, location and size of the transaction.

A gap of about N78.32 per dollar currently separates the indicative official rate from the parallel market’s selling rate.

For a $100 transaction, the indicative official equivalent comes to approximately N132,168, whereas the same amount purchased at the parallel market’s selling rate would cost about N140,000.

The naira’s movements continue to draw close attention from importers, businesses, travellers and Nigerians involved in sending or receiving foreign currency.

Analysts note, however, that the parallel market operates separately from the regulated official market, and the two rates should not be treated as interchangeable benchmarks.

Exchange rates can fluctuate within the same day, and anyone planning to exchange currency has been advised to confirm the prevailing quote with a bank, a licensed Bureau de Change or a trusted dealer before concluding any transaction.