Key points:
- Official CBN Rate: ₦1,534.29 / USD
- Black-Market Rate: ₦1,560 / USD
- Drivers: CBN forensic audit, market transparency, forex stability
- Top Tools: XE, CBN Website, Naira Metrics
Your Daily Rate Fix
The Naira gained 5 Kobo against the U.S. Dollar in the official market, closing at ₦1,534.29/$1, a slight 0.01% appreciation. In the parallel market, the Naira strengthened to ₦1,560/$1 from ₦1,565/$1. Meanwhile, the Naira depreciated against the Pound Sterling and Euro, closing at ₦2,060.34/£1 and ₦1,786.60/€1, respectively. The Central Bank of Nigeria (CBN) is actively improving market transparency following a forensic audit of undelivered FX transactions and plans to implement sanctions for breaches. For real-time updates, use the XE or CBN Website for interbank quotes and the Naira Metrics for black-market snapshots, each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? The Naira is trading at a ₦25 difference between the official and black-market rates, reflecting market dynamics and improved forex liquidity.
- Will the naira strengthen soon? Continued CBN interventions and transparency efforts could stabilize the Naira, potentially leading to further appreciation.
- How does the CBN's audit impact the market? The CBN's forensic audit aims to restore confidence by addressing forex irregularities, which may improve market stability in the long term.
