Key points:
- Official CBN Rate: N1,501.87 / USD
- Black-Market Rate: N1,520 / USD
- Drivers: Sufficient FX supply, increased foreign reserves, reduced speculative demand
The Naira appreciated to N1,501.87/$1 in the official market, driven by a strong dollar supply from the Central Bank of Nigeria. The parallel market remained stable at N1,520/$1. Experts forecast the Naira to trade between N1,500 and N1,550 in the coming weeks, with sustained foreign reserve growth providing support.
FAQ
- What’s the gap between CBN & black-market rates? The CBN rate is N1,501.87, while the black-market rate is N1,520, indicating a N18.13 difference.
- Will the naira strengthen soon? Analysts expect the Naira to maintain stability, trading between N1,500 and N1,550, supported by a stable reserve position.
- How do oil prices affect rates? As oil prices rise, Nigeria’s foreign reserves improve, boosting the Naira’s performance.
