(Dollar to Naira. Photo by Nairacompare)
The naira is trading at around 1,321.37 to one US dollar on the official market, while parallel market traders are quoting between 1,385 and 1,410 naira per dollar depending on where you buy or sell.
The latest official data from the Central Bank is from September 4 at 1,321.22 per dollar, so current figures are estimates rather than confirmed daily closing rates.
At the official rate, 100 dollars equals about 132,137 naira, while 1,000 dollars is worth roughly 1,321,370 naira.
Parallel market rates vary across different online platforms tracking currency.
One tracker shows a buying rate of 1,385 and selling rate of 1,410 per dollar, while another shows buying at 1,385 and selling at 1,395.
This means if you are selling 100 dollars, you could get about 138,500 naira at one platform’s buying rate, while buying 100 dollars could cost around 141,000 naira at its selling rate.
At the other platform’s rate, the same 100 dollars would cost about 139,500 naira.
Actual rates differ depending on the dealer, location and how much money you are exchanging.
The gap between the official rate and the highest parallel market rate is about 88.63 naira per dollar.
