Key points:
- Official CBN Rate: N1,518 / USD
- Black-Market Rate: N1,530 / USD
- Drivers: Positive foreign portfolio inflows, improved oil production, and CBN interventions.
- Top Tools: Bank FX Rate Tracker, Official Market Monitor, Parallel Rate Checker
The Naira reached a four-month high, surging to N1,518 against the US Dollar at the official market. This marks the strongest level since March, positioning the Naira near the psychological N1,500 mark. Bank-driven improvements and steady crude oil output contributed to the currency's stability.
For real-time updates, use Bank FX Rate Tracker or Official Market Monitor for interbank quotes, and Parallel Rate Checker for black-market snapshots—each refreshed every minute.
FAQ
What’s the gap between CBN & black-market rates? Currently, the gap is N12 between the CBN and parallel market rates.
Will the Naira strengthen soon? With strong oil output and CBN interventions, the Naira may continue stabilizing shortly.
How do oil prices affect rates? Improved oil production enhances Nigeria’s foreign exchange reserves, directly supporting the Naira's value.
