Key points:
Official CBN Rate: N1,455.17 / USD
Black-Market Rate: N1,503 / USD
Drivers: Rising External Reserves ($42.58), Increased FX Liquidity
Top Tools: CBN Website, FMDQ Exchange, AbokiFX
The Naira ended the week with a massive gain at the official market, appreciating by N11.48 against the dollar, driven primarily by the continued uptrend in Nigeria's external reserves, which reached $42.58 billion. The black-market rate also recorded a marginal gain.
FAQ
- What’s the gap between CBN & black-market rates? The gap has narrowed significantly to approximately N47.83 as the official rate continues its strong convergence with the parallel market.
- Will the naira strengthen soon? The recent uptrend suggests continued strengthening is possible if the rise in external reserves is sustained and the Central Bank maintains liquidity in the official market.
- How do oil prices affect rates? Higher oil prices and increased production boost the country’s foreign exchange earnings and external reserves, which directly support the naira's value.
- Next article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 16th September 2025
