Key points:
- Official CBN Rate: N1,537.61 / USD
- Black-Market Rate: N1,547 / USD
- Drivers: High corporate FX demand, limited supply, and potential CBN intervention.
- Top Tools: CBN's official website, Bloomberg Terminal, AbokiFX
The Naira weakened against the US Dollar in both the official and black markets due to a rising demand for foreign exchange from corporate users, which outstripped the available supply. For real-time updates, use CBN's official website or Bloomberg Terminal for interbank quotes, and AbokiFX for black-market snapshots, each refreshed every minute
FAQ:
- What’s the gap between CBN & black-market rates? The gap is N9.39, with the black-market rate reflecting a higher demand not fully met by the official market's supply.
- Will the naira strengthen soon? The article suggests a potential strengthening, as analysts predict Nigeria's external reserves could rise to $45 billion, giving the CBN more flexibility to intervene.
- How do oil prices affect rates? While not mentioned as a primary driver for today's rate, oil prices are a major factor. Higher prices increase Nigeria's foreign exchange earnings, boosting reserves and potentially strengthening the Naira.
