Key points:
- Official CBN Rate: N1528 / USD
- Black-Market Rate: N2,000 / USD
- Drivers: IMF support for CBN policies, Naira card transactions, global market fluctuations
Top Tools: Naira Live Rates, Currency Converter, Black-Market Snapshots
The Naira is nearing the N1,500/$ threshold, trading at N1528 in the official market, influenced by recent banking reforms, including the resumption of Naira card transactions for international payments. This is bolstered by the IMF's backing for Nigeria’s monetary tightening. Meanwhile, the black-market rate has surged to N2,000/$ due to the global economic uncertainty and ongoing trade negotiations.
For real-time updates, use Naira Live Rates or Currency Converter for interbank quotes, and Black-Market Snapshots for black-market snapshots, each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? The gap is currently around N472, reflecting the disparity between the official and parallel markets.
- Will the naira strengthen soon? The Naira may strengthen if ongoing fiscal reforms and international support continue to gain traction.
- How do oil prices affect rates? Oil prices directly impact the Naira's strength as Nigeria relies on oil revenues for foreign exchange, which impacts currency value.
