Key Points:
- Official CBN Rate: N1,529.96 / USD
- Black-Market Rate: N1,535 / USD
- Drivers: Naira’s depreciation follows lower oil prices, modest production recovery, and increased foreign portfolio investment.
The Nigerian Naira saw a minor depreciation, losing 21 Kobo at the official market and 5 Naira in the parallel market. Despite improved oil production and higher foreign inflows, the currency continues to face pressure.
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? The difference is N5 (official market: N1,529.96/$, black-market: N1,535/$).
- Will the naira strengthen soon? The Naira may stabilize with continued foreign portfolio investments and improving oil production.
- How do oil prices affect rates? Oil prices directly impact Nigeria's foreign reserves and foreign exchange inflows, influencing Naira stability.
Sources: Business Post
