Dollar Hits N1,430 in Parallel Market as Naira Loses Ground

The US dollar was quoted at about N1,419 for sale in Nigeria’s parallel foreign exchange market on Wednesday, 11 November, while dealers bought the currency at about N1,411, News About Nigeria reports.

The indicative rates published by Investors King put the difference between the buying and selling prices at N8 per dollar.

At those quotes, a customer buying $1,000 would pay N1.419 million, while someone selling the same amount would receive N1.411 million, before any fees.

Selling quotes reported across the market ranged from N1,390 to N1,430. For a $1,000 purchase, that translates into a difference of N40,000 between the lowest and highest quotes.

Investors King reported that prices varied with the dealer’s location, the amount being exchanged and the availability of dollars.

For customers comparing rates, the selling quote is what a dealer charges for dollars, while the buying quote is what the dealer pays to take dollars off a customer.

The amount a customer ultimately pays can also depend on any charges added to the quoted rate.