The exchange rate between the dollar and the naira continues to draw attention as Nigerians monitor how the local currency performs across the official and parallel foreign exchange markets.

According to the latest available market data, the official Nigerian Foreign Exchange Market rate stands at about N1,321.68 to the United States dollar.

The parallel market, on the other hand, is quoting the dollar at approximately N1,395 for buying and N1,405 for selling, based on the latest available market tracker figures.

This translates to $100 being worth roughly N132,168 at the official rate, while acquiring the same amount in the parallel market at the prevailing selling rate would cost about N140,500.

At the parallel market, Bureau De Change operators are paying around N1,395 for every dollar sold to them, while customers looking to buy dollars are paying approximately N1,405 per dollar.

At this selling rate, an amount of $1,000 would cost roughly N1.405 million.

The naira’s recent movement has been shaped by developments within the foreign exchange market, including the availability of dollar liquidity and the state of the country’s external reserves.

Earlier reports had shown the currency strengthening to around N1,315 per dollar in the official market, marking its strongest performance in about two years at the time.

However, rates in the parallel market can differ depending on location, the size of the transaction and the individual dealer involved.

Nigerians engaging in dollar transactions have therefore been advised to confirm the prevailing rate before completing any exchange.