Key Points:
- Official CBN Rate: ₦1,463.23 / USD
- Black-Market Rate: ₦1,480 / USD
- Drivers: Increased seasonal demand, reduced CBN intervention, rising external reserves, and global geopolitical shifts affecting oil prices.
Top Tools: AbokiFX, CBN FX Monitor, NairaRates.live
The naira weakened further on Tuesday, sliding to ₦1,463.23/$1 at the official market. External reserves rose slightly to $42.63 billion, supported by oil earnings and remittances, but the limited dollar supply continues to pressure the exchange rate. Analysts expect volatility to persist.
FAQ
What’s the gap between CBN & black-market rates? About ₦17, reflecting supply-demand imbalances and limited CBN interventions.Will the naira strengthen soon? Short-term relief is unlikely unless oil revenue improves or foreign inflows rise.
How do oil prices affect rates? Higher oil prices boost dollar inflows, helping stabilize the naira; falling prices weaken reserves and fuel depreciation.
