- Official CBN Rate: N1,550 / USD
- Black-Market Rate: N1,600 / USD
- Drivers: CBN intervention, market forces, foreign exchange liquidity, global crude oil prices.
Your Daily Rate The Naira showed a mixed performance on Monday, appreciating slightly in the parallel market to N1,600/, while depreciating to N1,550/ in the official market. This movement narrows the gap between the two rates.
For real-time updates, use AbokiFX or Bloomberg Terminal for interbank quotes, and the CBN Official Website for black-market snapshots - each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates?
- The current gap between the official CBN rate (N1,550) and the black-market rate (N1,600) is N50, a narrowing from N58 last week.
- Will the naira strengthen soon?
- The CBN's continued intervention efforts are aimed at supporting Naira stability, though recent performance shows mixed results with appreciation in the parallel market and depreciation officially.
- How do oil prices affect rates?
- Higher global crude oil prices generally boost Nigeria's foreign exchange inflows, which can help support the Naira's value against the dollar.
