Key points:
- Official CBN Rate: ₦1,444 / USD
- Black-Market Rate: ₦1,463 / USD
- Drivers: Persistent FX demand pressure, reduced liquidity, speculative activities, despite rising reserves
- Top Tools: Nairametrics FX Tracker, CBN Official Portal, AbokiFX
The Naira ended the week weaker at ₦1,444/$, reflecting sustained FX demand pressures and volatility, even as Nigeria’s foreign reserves climbed to $43.5 billion. For real-time updates, use Nairametrics FX Tracker or CBN Official Portal for official rates, and AbokiFX for black-market snapshots, each refreshed every minute.
FAQ
What’s the gap between CBN & black-market rates? Approx. ₦19, widening due to strong parallel market demand and limited official supply.
Will the naira strengthen soon? Unlikely short-term without a significant boost in FX supply or CBN intervention.
How do rising reserves affect the naira? Reserves provide stability, but market liquidity and demand pressures remain key drivers.
