The latest verifiable official Dollar to Naira exchange rate available at the start of the new trading week was ₦1,329.51 per dollar, the Nigerian Foreign Exchange Market (NFEM) closing rate recorded on Friday, September 25. The Central Bank of Nigeria’s published daily rate is based on NFEM transactions; a confirmed Monday closing rate was not available at the time of reporting.
Reports on the parallel market differed, with Friday quotations ranging from about ₦1,385 to ₦1,390 per dollar. These informal-market figures can vary by dealer and location.
Key Highlights
- The latest confirmed official NFEM close was ₦1,329.51/$ on Friday, September 25.
- A confirmed official closing rate for Monday, September 28, was not yet available at the time of reporting.
- Recent parallel-market reports quoted the dollar between ₦1,385 and ₦1,390.
- The Central Bank says its official NFEM rate is derived from the volume-weighted average of market transactions.
- Nigeria’s external reserves were reported at about $54.8 billion as of September 22.
Latest Confirmed Official Dollar to Naira Rate
Central Bank data reported by Proshare put the naira at ₦1,329.51 per dollar at the NFEM on Friday, September 25, compared with ₦1,328.67 a day earlier. The Friday close represented an 84-kobo depreciation against the dollar.
The CBN’s exchange-rate page identifies the NFEM rate as the volume-weighted average and the official rate for the day. Because the official market trades during the working day, an early indicative quote and the eventual daily rate may differ.
The specific ₦1,327.16 opening figure circulated in some early market summaries could not be confirmed against the latest CBN-published rate or corroborating reports reviewed for this update. The last confirmed official close remains the Friday figure until Monday’s data is published.
Parallel-Market Dollar Quotes Vary
Parallel-market figures are indicative and are not a single nationwide rate. Proshare reported a Friday BDC quote of about ₦1,385 per dollar, while a separate report put the rate at ₦1,390. Actual buying and selling rates may differ between dealers, cities and transaction sizes.
Using Friday’s official close and the reported parallel-market range, the difference was roughly ₦55 to ₦60 per dollar. The spread should be treated as an estimate because the informal-market quotations vary.
What Could Influence the Naira?
Market participants monitor foreign-exchange supply and demand, trading liquidity, portfolio and other inflows, and movements in external reserves. TheCable reported that CBN data placed reserves at about $54.8 billion as of September 22, while the CBN Governor had said reserves had exceeded $55 billion at an earlier point in the month.
Reserve levels can contribute to the country’s external buffer, but they do not determine the exchange rate on their own. Market liquidity and demand for dollars also affect trading during each session.
What the Rate Means for Nigerians
The amount paid for dollars for travel, tuition, imports, subscriptions and other foreign-currency needs depends on the channel used and the dealer’s quote. A published NFEM rate is a market reference; the rate offered to an individual customer by a bank or licensed dealer may differ.
Monday Rate Awaited
The latest confirmed NFEM closing rate remains ₦1,329.51 per dollar, recorded on Friday, September 25. The final official exchange rate for Monday, September 28, may differ once the day’s transactions are reflected in published data. Parallel-market quotes also remain subject to change.
Read Also:
- Naira to Dollar Exchange Rate Today: Naira Gains to ₦1,328 at Official Market
- Naira Trades at N1,329.80 and N1,389 to Dollar at Official, Parallel Markets
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