Todays Exchange Rate.webp
Key points:
Official CBN (NAFEM/NFEM) Rate: ₦1,454.41 / USD
Black-Market Rate: ₦1,490 / USD
Drivers: Rising foreign reserves (now at $45.44 billion) bolstering CBN intervention capacity; Mixed US Federal Reserve signals affecting market sentiment; Persistent seasonal forex demand pressures.
Top Tools: CBN Official Exchange Rate Portal, AbokiFx


The Naira recorded its first daily appreciation in nearly two weeks on Friday, halting a streak of consecutive depreciations, even as the parallel market rate held flat. This comes amidst a significant build-up in Nigeria’s external reserves, which provides a stronger buffer for the official market.

FAQ
What’s the gap between CBN & black-market rates? The premium between the official (₦1,454.41) and parallel (₦1,490) rates stood at approximately ₦35.59 on Friday, reflecting ongoing market divergence.
Will the naira strengthen soon? Analysts project the Naira to trade around ₦1,447 by the end of the quarter, with a forecast of ₦1,412.23 in 12 months. Positive factors include high external reserves and the CBN’s tight monetary policy.
How do oil prices affect rates? As a major oil exporter, sustained stability or increases in crude oil prices directly boost Nigeria’s foreign exchange earnings and external reserves, strengthening the CBN’s ability to defend the Naira’s value.