Key Points:
- Official CBN Rate: ₦1,473 / USD
- Black-Market Rate: ₦1,485 / USD
- Drivers: Lower CBN forex sales, strong portfolio inflows, easing inflation, rising FX reserves
- Top Tools: AbokiFX, CBN FX Monitor, Nairametrics FX Tracker
The Naira slipped again on Wednesday, trading at ₦1,473/$1 officially and ₦1,485/$1 in the parallel market. Analysts say the drop stems from reduced dollar supply from the CBN and high market demand, despite inflation cooling to 18.02% and FX reserves rising to $42.63bn. For real-time updates, use AbokiFX or CBN FX Monitor for interbank quotes, and Nairametrics FX Tracker for black-market snapshots, each refreshed every minute.
FAQ
What’s the gap between CBN & black-market rates? ₦12 difference as of October 16, showing a mild spread compared to recent weeks.Will the Naira strengthen soon? Possibly, as inflation eases and reserves grow, though low CBN sales may keep pressure short-term.
How do oil prices affect rates? Higher oil earnings support reserves and can strengthen the Naira if sustained.
- Next article in the series 'Dollar to Naira Rate Series': Today's Dollar to Naira Rate: Dollar → Naira Snapshot Rate for September 17, 2025
