The Nigerian currency traded at about ₦1,363.41 to the US dollar at the official market on Monday, according to figures released by the Nigerian Foreign Exchange Market (NFEM).
Based on the current exchange rate,$100 is valued at approximately ₦136,341 in the official market, while the same amount exchanges for around ₦140,000 in the parallel market.
The difference between the official and black-market rates has continued to shrink compared to previous years, a development largely linked to foreign exchange reforms implemented by the Central Bank of Nigeria (CBN) to boost liquidity and strengthen market efficiency.
Market observers note that the naira’s direction in the weeks ahead will largely be influenced by factors such as foreign exchange inflows, crude oil revenue, diaspora remittances, and monetary policy decisions by the apex bank.