Naira Under Pressure Again as Dollar Hits ₦1,382 in Parallel Market

Naira remains under close watch

The Nigerian naira was trading around ₦1,382 to the US dollar in the parallel foreign-exchange market on September 28, according to market trackers.

ValidViewNetwork gathered that NgnRates reported an average parallel-market dollar rate of ₦1,382 on September 28, with a reported buy rate of ₦1,372.

The platform, however, said its averages were calculated from user-submitted comments and warned that the figures were not guaranteed dealer quotes.

Another tracker, Monierate, also reported the dollar around ₦1,382 on September 28, although its reported buy and sell figures differed.That variation matters. The parallel market does not operate with one nationally fixed price. Rates can differ according to location, demand, dollar availability, transaction size and the individual dealer.

Why ₦1,382 should not be confused with the official rate

ValidViewNetwork reports that a parallel-market quotation should not automatically be presented as the official Central Bank of Nigeria exchange rate.

The official foreign-exchange market is separate from the parallel market.

Therefore, a street quotation of ₦1,382/$ is best treated as a market indication rather than a universal price available to every Nigerian buyer or seller.

There is also a difference between a dealer’s buying rate and selling rate. For someone seeking dollars, the relevant figure is the price at which the dealer sells the dollar. For someone selling dollars, the relevant figure is the amount the dealer is willing to pay.

Why Nigerians watch the dollar

The dollar’s movement matters because Nigeria imports a significant range of goods and services whose prices are influenced by foreign exchange.

Changes in the naira-dollar rate can affect imported food, machinery, medicines, electronics, international school fees, travel and other dollar-linked transactions.

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For businesses, exchange-rate movements can influence the cost of imported inputs. For households, those costs can eventually appear in retail prices.

The exchange rate therefore matters far beyond currency dealers.

What the latest figure shows

Checks by ValidViewNetwork show that the reported ₦1,382 figure is a snapshot rather than a fixed national rate. Ngn Rates reported that its September 28 figure had fallen from some earlier September quotations, while also recording different buying and selling prices.

That makes the exact transaction rate important.

A buyer in Lagos may not receive the same quotation as another buyer elsewhere. A large transaction may attract a different rate from a small transaction. Dollar availability can also change the price.

The latest figure therefore gives Nigerians a useful indication of the parallel market at the time recorded, but not a single rate that applies to every transaction. ValidViewNetwork reports.