One US dollar cost slightly fewer naira on Nigeria’s official foreign exchange market on Tuesday, 3 November. The daily benchmark moved from ₦1,347.94 on Monday to ₦1,346.93 on Tuesday, rounded to two decimal places. For someone buying dollars, a lower number means the same amount of Nigerian currency goes a little further.
The change between the two published rates was about ₦1.01 per dollar, or roughly 0.07%. The figures describe deals in the Nigerian Foreign Exchange Market. The Central Bank of Nigeria explains that it calculates the official rate by weighting transactions according to their volume. Larger deals therefore have more influence on the result.
Consider a $100 payment. Using the two rounded rates gives ₦134,794 on Monday and ₦134,693 on Tuesday, a difference of ₦101 before charges. Those amounts illustrate the scale of the movement. Neither is a promise that a bank, card provider or currency dealer would have completed that payment for exactly that sum.
There was also a difference between the day’s average and the prices at which individual trades took place. Market reporting put Tuesday’s transactions between ₦1,334 and ₦1,349.50 per dollar. Two parties could therefore have completed trades at different prices on the same day while contributing to the same official figure.
For a Nigerian business pricing an imported item, the dollar amount on the invoice matters as much as the small change in the daily rate. Multiplying an invoice by a benchmark can help with an estimate. The actual naira outlay depends on the rate available when the business exchanges its money and any charges it pays.
What it means for you. When comparing two quotes for a dollar payment, ask each provider how many naira you will pay in total for the same number of dollars. Check when each quote expires and whether it includes fees. Tuesday’s benchmark gives you a dated point of comparison. It does not establish the price of your next transaction.