One US dollar cost small less naira for Nigeria official foreign exchange market on Tuesday, 3 November. Di daily rate move from ₦1,347.94 on Monday to ₦1,346.93 on Tuesday when dem round am to two decimal places. For person wey dey buy dollar, lower rate mean say di same naira fit buy small more dollar.
Di difference between di two rates na about ₦1.01 for one dollar, around 0.07%. Di figures cover trades for Nigerian Foreign Exchange Market. Central Bank of Nigeria explain say to calculate di official rate, dem consider how much currency change hand for each trade. Bigger deals get more weight for di result.
Take $100 payment as example. With di two rounded rates, na ₦134,794 on Monday and ₦134,693 on Tuesday, ₦101 difference before charges. Dis example show how big di change be. E no mean say bank, card company or currency dealer for collect exactly any of dose amounts to make di payment.
Di average and di rates wey individual trades use still differ. Reports put Tuesday deals between ₦1,334 and ₦1,349.50 for one dollar. So two people fit do separate trades at different rates di same day, and both trades still enter di calculation for di same official rate.
For Nigerian business wey dey work out price for imported goods, how many dollars dey di invoice matter just as di small change for di daily rate matter. Multiply di dollar amount by di benchmark to get estimate. Di actual naira wey di business go spend depend on di rate wey e get when e exchange money, plus charges.
Wetin e mean for you. If two providers give you prices for one dollar payment, ask how much naira each one go collect altogether for di same dollar amount. Check when each price go expire and whether charges join. Tuesday figure give you rate from one particular day to compare. E no tell you wetin your next payment go cost.