Key points:
- Official CBN Rate: ₦1,534.72 / USD
- Black-Market Rate: ₦1,585 / USD
- Drivers: Market volatility, Forex supply adjustments, Central Bank policies
- Top Tools: XE, CBN Website, Naira Metrics
The Naira closed the week with a slight positive shift, gaining 4.52 kobo at the official market, now pegged at ₦1,534.72 per dollar. This is a modest 0.05% gain compared to Thursday's value of ₦1,534.79. Despite this uptick, the Naira showed small losses earlier in the week, trading at ₦1,535.62 on Wednesday and ₦1,535.24 on Tuesday. The market experienced a 20 kobo decline on Monday, showing the volatile nature of the currency this week.
For real-time updates, use the XE or CBN Website for interbank quotes and the Naira Metrics for black-market snapshots, each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? The difference stands at approximately ₦50, reflecting continued market volatility and supply issues.
- Will the naira strengthen soon? The Naira’s future looks uncertain as it faces frequent fluctuations, with no immediate stabilization in sight.
- How do oil prices affect rates? While oil prices indirectly affect the Naira’s stability, the fluctuations in market sentiment are primarily driven by local forex market conditions and policy changes.
