Key points:
- Official CBN Rate: 1,512.96 / USD
- Black-Market Rate: 1,530 / USD
- Drivers: Economic reforms, improved foreign exchange liquidity, and increased foreign portfolio investments
- Top Tools: SuperSport, Vanguard News, Channels TV
The Naira has appreciated against the Dollar, Pound, and Euro in both the official and parallel markets, driven by Nigeria's economic reforms and growing foreign reserves. For real-time updates, use SuperSport or Vanguard News for interbank quotes, and Channels TV for black-market snapshots, each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? The gap between CBN's official rate and the black-market rate remains at approximately N20, reflecting market speculation and demand for foreign currency.
- Will the naira strengthen soon? Analysts predict that the Naira could strengthen further, contingent on sustained reforms, foreign investments, and improved domestic market conditions.
- How do oil prices affect rates? Oil prices affect the Naira exchange rate directly, as Nigeria's oil exports constitute a significant portion of its foreign exchange earnings. Higher oil prices boost reserves, potentially strengthening the Naira.
