- Official CBN Rate: N1,488.92 / USD
- Black-Market Rate: N1,510 / USD
Drivers: Stable FX liquidity, increased foreign reserves, stronger oil output.
Top Tools: CBN’s forex interventions, oil exports, and reserves data.
The Naira remained steady at N1,488.92/$1 in the official market, despite slight losses against the Pound and Euro. In the parallel market, the rate held steady at N1,510/$1. Nigeria's reserves hit a six-year high at $42.03 billion, supporting FX stability.
FAQ
- What’s the gap between CBN & black-market rates?: The difference is N21 between the official and parallel market rates.
- Will the naira strengthen soon? Analysts expect stability due to strong foreign reserves and oil output.
- How do oil prices affect rates? Higher oil production improves exports, boosting foreign exchange reserves and stabilizing the Naira.
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