Key points:
- Official CBN Rate: ₦1,533.8 / USD
- Black-Market Rate: ₦1,555 / USD
- Drivers: CBN reforms, forex market liquidity, investor confidence
- Top Tools: XE, CBN Website, Naira Metrics
The Naira appreciated to ₦1,555/$1 in the parallel market from ₦1,560/$1 over the weekend. In the official market, it gained to ₦1,533.8/$1, a slight improvement from the previous closing of ₦1,535.5/$1. The gap between the official and parallel market rates narrowed to ₦21.2/$, reflecting increasing market stability amid ongoing reforms and forex liquidity. For real-time updates, use XE or CBN Website for interbank quotes, and Naira Metrics for black-market snapshots, each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? The Naira is trading at a ₦21.2 difference between the official and black-market rates, indicating a narrowing gap in the forex market.
- Will the naira strengthen soon? Market optimism and CBN reforms may further stabilize the Naira, though global uncertainties and domestic challenges remain factors to watch.
- How do macroeconomic factors affect exchange rates? Ongoing reforms by the CBN and improvements in forex liquidity have contributed to stabilizing the Naira, despite global financial pressures.
