- Official CBN Rate: ₦1,526 / $1
- Black-Market Rate: ₦1,550 / $1
Top Tools: NAFEM Tracker, AbokiFX, FX Rate Today
The naira appreciated across both FX windows on Wednesday. The black-market rate improved to ₦1,550/$1, gaining ₦10, while the official rate closed at ₦1,526/$1 after a ₦3.32 gain. Analysts link this to increased foreign investor confidence and steady liquidity, while the IMF praised Nigeria’s forex reforms and falling inflation. For up-to-the-minute rates, monitor NAFEM Tracker and AbokiFX for interbank data and FX Rate Today for black-market prices.
FAQ:
- What’s the gap between CBN & black-market rates? ₦24, a narrow spread suggesting reduced speculative pressure.
- Will the naira strengthen soon? If FX inflow and reforms persist, the naira may hold steady or gain modestly.
- How do oil prices affect rates? Falling oil prices could hurt reserves and pressure the naira, as warned by the IMF.
