Key points:
Official CBN Rate: N1,457.51 / USD
Black-Market Rate: N1,480 / USD
Drivers: Rising external reserves ($42.59bn) countered by Dangote Refinery's suspension of Naira sales for petrol, leading to marketer-announced fuel price hikes.
Top Tools: CBN Official Site, Bloomberg Terminal, AbokiFX
The Naira officially depreciated slightly in the NAFEM window but remains relatively stable. However, the market outlook is overshadowed by the announcement from IPMAN that petrol prices will rise nationwide starting Monday, following the Dangote Refinery's halt on Naira sales for petrol products. For real-time updates, use the CBN Official Site or the Bloomberg Terminal for interbank quotes, and AbokiFX for black-market snapshots, each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? The gap remains narrow at approximately N22.49, suggesting continued convergence between the two market segments despite sustained demand pressures.
- Will the naira strengthen soon? Near-term stability is supported by buoyant external reserves, but geopolitical risks and the domestic shock of the looming fuel price hike pose significant threats to sustained strengthening.
- How do oil prices affect rates? Improved oil earnings have been crucial in building up external reserves ($42.59bn), reinforcing the CBN’s capacity for market intervention and providing underlying confidence in short-term stability.
- Next article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 16th September 2025
