Key points:
- Official CBN Rate: ₦1,454.18 / USD
- Black-Market Rate: ₦1,465 / USD
- Drivers: Tight forex liquidity, high demand for dollars, minimal CBN interventions, rising FX inflows from foreign investors
- Top Tools: FMDQ, GTBank FX, AbokiFX
The Naira slipped against the US Dollar on Wednesday, losing ₦6.75 in the official market and ₦5–₦6 at parallel and bank counters. Pressure from strong dollar demand and limited CBN interventions weighed on the local currency. Meanwhile, Nigeria’s external reserves reached $46.7 billion, partly boosted by Eurobond sales and offshore inflows. Crypto markets showed mixed trends as uncertainty over the US Fed rate cuts persists. For real-time updates, use FMDQ or GTBank FX for interbank quotes, and AbokiFX for black-market snapshots, each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? About ₦10–₦11 per USD.
- Will the Naira strengthen soon? Likely, if forex supply improves via CBN intervention or increased inflows.
- How do oil prices affect rates? Higher oil revenue increases dollar inflows, supporting the Naira; lower prices reduce liquidity.
- Next article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for October 21, 2025
