Key points:
Official CBN Rate: ₦1,465.68 / USD
Black-Market Rate: ₦1,465 / USD
Drivers: Rising FX demand, tightening liquidity, and cautious investor sentiment despite CBN interventions.
Top Tools: AbokiFX, CBN FX Dashboard, FXMonitor
The naira weakened further on Friday, closing at ₦1,465/$1 across both official and black-market windows. Analysts attribute the dip to sustained dollar demand and limited inflows, though optimism remains as reserves grow and the CBN maintains market interventions. For real-time updates, use AbokiFX or CBN FX Dashboard for interbank quotes, and FXMonitor for black-market snapshots, each refreshed every minute.
FAQs:
What’s the gap between CBN & black-market rates? The difference has narrowed to less than ₦1, reflecting temporary market alignment.
Will the naira strengthen soon? Analysts expect a mild recovery within ₦1,480–₦1,500 if FX inflows continue and oil prices remain stable.
How do oil prices affect rates? Higher oil prices improve Nigeria’s dollar earnings, strengthening the naira by easing demand pressure.
