Key points:
- Official CBN Rate: ₦1,534.91 / USD
- Black-Market Rate: ₦1,560 / USD
- Drivers: Increased external reserves, foreign portfolio inflows, market liquidity
- Top Tools: XE, CBN Website, Naira Metrics
Your Daily Rate Fix
The Naira appreciated to ₦1,534.91/$1 in the official market, gaining ₦2.47 or 0.16%. In the parallel market, however, it depreciated to ₦1,560/$1, losing ₦5 from the previous session. Despite this volatility, the Naira remains relatively stable, supported by increased foreign reserves, now at $40.229 billion. For real-time updates, use the XE or CBN Website for interbank quotes and NairaMetrics 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 minor fluctuations.
- Will the naira appreciate soon? With foreign portfolio inflows and increased reserves, there is potential for further Naira stability or gradual appreciation in the official market.
- How do global economic factors affect exchange rates? Market reactions to global interest rate decisions, such as the U.S. Federal Reserve’s stance on rate cuts, influence currency strength, including the Naira.
