Naira Holds Steady With Dollar At ₦1,333

The dollar has opened the new trading week at about ₦1,333.54 on Nigeria’s official foreign exchange market on Monday.

Available exchange-rate data put the official Nigerian Foreign Exchange Market (NFEM) rate at ₦1,333.54 per dollar.

Meanwhile, the parallel market rate remains higher. Bureau De Change (BDC) operators are reportedly buying the dollar at about ₦1,375 and selling it for around ₦1,390. However, parallel market rates vary by location, dealer and transaction size. The figures are indicative quotes rather than fixed prices.

The official rate has remained relatively stable in recent trading. The naira closed at about ₦1,332.26 per dollar on Friday. In the parallel market, the dollar sold for about ₦1,370 at the end of the previous trading week, according to market reports.

Based on the reported figures, the difference between the official rate of ₦1,333.54 and the parallel market selling rate of ₦1,390 is ₦56.46 per dollar.

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