- Official CBN Rate: ₦1,549.21 / USD
- Black-Market Rate: ₦1,580 / USD
- Drivers: US Fed’s dovish tone, inflation trends, local FX market dynamics
- Top Tools: cbn.gov.ng, abokifx.com, nairametrics.com
The naira slipped slightly by 12 Kobo to ₦1,549.21/$1 at the official market on Wednesday, even as it appreciated by ₦5 in the parallel market to settle at ₦1,580/$1. Analysts are watching the U.S. Fed’s dovish shift, hinting at possible interest rate cuts next month, which could ease pressure on emerging market currencies like the naira. For real-time updates, use cbn.gov.ng or abokifx.com for interbank quotes, and nairametrics.com for black-market snapshots, each refreshed every minute.
What’s the gap between CBN & black-market rates?
₦30.79 - The black-market rate is slightly higher, reflecting continued forex scarcity and speculative demand.
Will the naira strengthen soon?
Possibly, if global oil prices remain stable and the Central Bank sustains FX liquidity interventions.
How do oil prices affect rates?
Nigeria’s FX reserves depend heavily on oil exports; higher oil prices boost dollar inflow, supporting the naira.
