Data from the Nigerian Foreign Exchange Market (NFEM) showed that the official exchange rate hovered around ₦1,370 to the dollar on Thursday. Latest available market data indicates the naira closed at approximately ₦1,372.76 per dollar on Wednesday’s trading session.
At the official rate, $100 would exchange for about ₦137,276, while $1,000 would be worth roughly ₦1.37 million. In the parallel market, also known as the black market, the dollar traded at around ₦1,395 per dollar for buying and between ₦1,405 and ₦1,408 per dollar for selling, depending on location and dealer margins.
Analysts say movements in the naira will continue to depend on dollar inflows from oil exports, foreign portfolio investments, diaspora remittances, and interventions by the Central Bank of Nigeria in the currency market. READ ALSO: Oil Prices Crash To $72 Pre-War Level At the prevailing parallel market rate, $100 would exchange for approximately ₦140,500 to ₦140,800.