The naira traded at around ₦1,362 per dollar in the official foreign exchange market on Tuesday, October 27, while parallel-market dealers quoted selling rates of about ₦1,390 amid continued fluctuations in Nigeria’s currency market.

Available exchange-rate trackers put the official rate at approximately ₦1,361.84 per dollar, while parallel-market operators quoted buying rates of about ₦1,375 and selling rates of ₦1,390. Actual rates may vary by location, dealer and transaction size.

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The latest figures indicate a gap between the official and parallel markets, although the rates quoted by individual dealers are not uniform.

The official Nigerian Foreign Exchange Market (NFEM) rate serves as the benchmark for transactions in the formal market, while parallel-market quotations reflect prices offered by independent currency dealers.

Nigeria’s foreign exchange market continues to be influenced by the availability of dollars, demand from businesses and importers, foreign investment flows and monetary policy measures by the Central Bank of Nigeria (CBN).

Foreign exchange demand from companies seeking to pay for imported raw materials, machinery and other goods remains an important factor in the market.

Changes in dollar supply can also influence the rates quoted by banks and currency dealers.

Nigeria’s external reserves have remained above $55 billion in recent reported figures.

Data published in October put gross reserves at approximately $55.07 billion as of October 9, providing a buffer against external financial pressures.

However, the level of external reserves alone does not determine the daily exchange rate, which is also affected by foreign currency demand, supply conditions and activity across the market.

Currency dealers and market participants continue to monitor official trading data and movements in the parallel market as businesses and individuals assess the cost of obtaining dollars.

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Exchange rates fluctuate during trading sessions, and buyers are advised to confirm current quotations with their banks or authorised currency providers before completing transactions.