Key Points:
- Official CBN Rate: ₦1,448 / $1
- Black-Market Rate: ₦1,475 / $1
- Drivers: Improved FX inflows from foreign portfolio investors, CBN interventions, exporters’ supply, and easing FX pressure due to ongoing economic reforms.
- Top Tools: CBN FX Monitor, AbokiFX, Investing.com
The Naira strengthened against the Dollar across both official and parallel markets, gaining ₦4.75 at NAFEM to close at ₦1,448/$1 and ₦15 in the black market to ₦1,475/$1. Analysts attribute the rebound to rising investor confidence, improved liquidity, and steady inflows into the FX window.
- What’s the gap between CBN & black-market rates? ₦27 difference as of today.
- Will the naira strengthen soon? Likely, if FX inflows and investor confidence remain steady.
- How do oil prices affect rates? Higher oil prices boost reserves and supply, supporting the Naira’s stability.
- Next article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 6 October 2025
