Naira slips to ₦1,367.61/$ at official market as parallel rate hits ₦1,385
- Central Bank data showed the naira fell to ₦1,367.61 per dollar on Monday from ₦1,361.84 on Friday.
- Parallel market dealers quoted about ₦1,385 per dollar, down ₦10 from last week's ₦1,375.
- The fall came even as external reserves rose to $55.18 billion on Friday.
The naira weakened against the dollar on Monday, with Central Bank of Nigeria (CBN) data putting the official rate at ₦1,367.61 per dollar, down from ₦1,361.84 at Friday's close.
That is a loss of ₦5.77 per dollar in one trading session, according to Daily Post's reading of the CBN figures.
In the parallel market, dealers quoted about ₦1,385 per dollar, ₦10 weaker than the ₦1,375 recorded last week.
Vanguard's market round-up on Monday gave a different picture of the official side, putting the Nigerian Foreign Exchange Market (NFEM) rate at about ₦1,331 per dollar, citing data from Gatekeepers News. The two outlets' official figures do not match, and the CBN's published rate is the one usually treated as the reference for authorised transactions.
On the parallel market, Vanguard reported dealers buying dollars at about ₦1,370 and selling at about ₦1,385.
That gap matters for ordinary Nigerians. At the selling rate, $100 costs roughly ₦138,500, while $1,000 costs about ₦1,385,000. Someone selling dollars to a dealer gets less: about ₦137,000 for $100.
These are indicative quotes. What a customer actually pays depends on the dealer, the location, how much is being changed and whether dollars are available.
Why it matters
A weaker naira raises the naira cost of anything bought abroad. Importers of raw materials, machinery, electronics and spare parts pay more, and those costs often show up later in shop and market prices.
It also hits families paying school fees, medical bills or travel costs in dollars, since each dollar now takes more naira to buy.
The fall came despite a rise in the country's external reserves, which stood at $55.18 billion on Friday, according to Daily Post. Reserves are the buffers the CBN uses to defend the currency.
Daily Post also reported that the naira had lost ₦22.12 per dollar between Thursday and Friday last week, suggesting pressure has been building for several sessions.
What happens next
Where the naira goes from here will depend on how many dollars flow in and how many people want them. Stronger export earnings and foreign investment could steady the currency; heavy demand from importers and individuals could push it lower.
Nigerians changing money this week should compare rates across dealers and banks before committing, since published figures are only a guide.
