Key Points:
- Official CBN Rate: ₦1,453.07 / $1
- Black-Market Rate: ₦1,490 / $1
- Drivers: FX liquidity optimism, Nigeria’s removal from the FATF grey list, stronger oil receipts, and rising foreign reserves.
- Top Tools: CBN FX Dashboard, AbokiFX, NAFEM Live Rates
The Naira strengthened to ₦1,453/$1 at the official market, gaining ₦4.89 due to renewed investor optimism and improved FX inflows. Nigeria’s exit from the FATF grey list also boosted confidence, while foreign reserves rose to $42.87 billion. The black-market rate held steady at ₦1,490/$1, showing signs of stability. For real-time updates, use CBN FX Dashboard or AbokiFX for interbank quotes, and NAFEM Live Rates for parallel-market snapshots, each refreshed every minute.
FAQ:
- What’s the gap between CBN & black-market rates? About ₦37 difference as both markets move towards gradual convergence.
- Will the Naira strengthen soon? Yes, if reforms sustain inflows and CBN liquidity support continues.
- How do oil prices affect rates? Higher oil prices boost FX reserves and help the Naira maintain short-term stability.
