The Digest:
- Official CBN Rate: N1,526.10 / USD
- Black-Market Rate: N1,545 / USD
- Drivers: CBN’s $170m FX sales, foreign portfolio inflows, Fed rate cut speculation
The Naira opened in September stronger, appreciating by 0.35% to N1,526.10/$1 at the official market. Gains were supported by Central Bank interventions and robust inflows from offshore investors. The black-market rate, however, held steady at N1,545/$1. For real-time updates, use CBN FX Window or Investing.com for interbank quotes, and AbokiFX for black-market snapshots, each refreshed every minute.
FAQ
What’s the gap between CBN & black-market rates? About N19 per dollar, reflecting mild pressure on parallel markets.Will the Naira strengthen soon? Short-term stability is likely with continued CBN intervention, though global dollar trends may weigh on performance.
How do oil prices affect rates? Higher oil prices boost Nigeria’s reserves, improving dollar supply and supporting the Naira.
