
Key points:
- Official CBN Rate: ₦1,532.73 / USD
- Black-Market Rate: ₦1,550 / USD
- Drivers: CBN forex sales, portfolio investment inflows, improving market confidence
- Top Tools: XE, CBN Website, Naira Metrics
The Naira appreciated in the official market, closing at ₦1,532.73/$1, up by ₦1.81 or 0.12%. It also strengthened in the black market, trading at ₦1,550/$1 after a ₦10 gain. However, it weakened against the Pound Sterling and Euro. The Central Bank of Nigeria’s (CBN) continued forex sales are stabilizing the Naira, with analysts expecting sustained inflows from foreign portfolio investors. For real-time updates, use XE or CBN Website for interbank quotes, and Naira Metrics for black-market snapshots—each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? The Naira is trading at a ₦17.27 difference between the official and black-market rates, reflecting a tightening exchange range.
- Will the Naira strengthen further? With robust forex liquidity, expected inflows from foreign investors, and CBN interventions, further Naira appreciation is possible.
- How does the global economy impact the Naira? Factors like U.S. Federal Reserve policies and inflation data play a role in shaping market expectations for the Naira’s performance.