NGN → USD Rates
NFEM (official) Rate
Official Market:
- Buying: ₦ 1,466.50/ USD
Parallel Market:
- Buying: ₦ 1,475/ USD
- Selling: ₦ 1,485/ USD
Market Drivers: The gap between the official and parallel rates remains a point of focus for the CBN, as it attempts to unify the windows. While the spread has narrowed compared to previous quarters, the informal market remains a primary source for individual travelers and small-scale importers who cannot access the NFEM in a timely manner.
OUTLOOK: The Central Bank’s recent data release confirms an exchange rate of roughly 1,464.50 for basic transactions, but commercial banks are quoting slightly higher rates for card-based international payments, often reaching 1,485.