Naira Holds Firm as Dollar Stays Near ₦1,347

(Naira To Dollar. Photo Credit: Nairacompare)

Nigeria’s naira held steady against the dollar on Wednesday, staying close to the ₦1,347 mark in the official market.

The Central Bank’s official rate showed the dollar at around ₦1,346.34, while banks were closing at roughly ₦1,346.90 per dollar.

On the streets, money changers were quoting higher rates of about ₦1,400 per dollar.

At that rate, someone exchanging $100 would get roughly ₦140,000, while $1,000 would fetch about ₦1.4 million.

The gap between what the banks offer and what street traders ask has narrowed to about 54 naira.

A week earlier, the spread was wider, with official rates around ₦1,345 and parallel rates closer to ₦1,410.

The naira has shown more stability lately after dealing with tougher conditions in Nigeria’s foreign exchange market.

The Central Bank bases its daily official rate on actual trades happening in the market, but parallel rates shift throughout the day depending on how much dollar supply there is and how many people want to buy or sell.

Anyone looking to exchange money today might get different rates depending on which bank or bureau they use.

Rates continue to move as trading conditions change during the day.