Key points:
- Official CBN Rate: ₦1,443.08 / USD
- Black-Market Rate: ₦1,465 / USD
- Drivers: Bearish trend despite rising FX reserves, low liquidity, and import pressure
The naira recorded its steepest daily drop this week, falling ₦4.37 at the official market despite Nigeria’s reserves climbing to $43.37 billion. The black market held steady at ₦1,465/$1. For real-time updates, use Naira Rates or CBN Forex Monitor for interbank quotes, and AbokiFX for black-market snapshots, each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? ₦21.92 as of today.
- Will the naira strengthen soon? Unlikely short-term due to persistent demand pressures.
- How do oil prices affect rates? Higher oil earnings boost reserves, but haven’t stabilized retail FX supply.
Sources: CBN, Daily Post
