- Official CBN Rate: N1,549 / USD
- Black-Market Rate: N1,585 / USD
- Drivers: CBN intervention, market forces, foreign exchange dynamics
The Naira experienced a slight depreciation against the US Dollar in the official market to N1,549.09/$1 on Tuesday, while also seeing a dip in the black market to N1,585/$1. It gained against the Pound but weakened against the Euro in official trading.
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 (N1,549) and the black-market rate (N1,585) is N36.
- Will the naira strengthen soon? Analysts project the Naira to largely maintain its current trading range, assuming no unforeseen market disruptions occur.
- 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.
