Key points:
Official CBN Rate: ₦1,438.49 / $1
Black-Market Rate: ₦1,450 / $1
Drivers: Year-end FX demand surge, tightening liquidity, and steady growth in Nigeria’s $43.27bn external reserves.
Top Tools: AbokiFX, FMDQ Exchange, NairaRates.io
The Naira slipped by 0.25% at NAFEM, closing at ₦1,438.49/$1 as dollar demand rose amid thin liquidity. However, the black-market rate held steady at ₦1,450/$1. Despite the pressure, external reserves grew slightly, showing investor confidence. For real-time updates, use AbokiFX or FMDQ Exchange for interbank quotes, and NairaRates.io for black-market snapshots, each refreshed every minute.
FAQ:
What’s the gap between CBN & black-market rates? Roughly ₦12, a sign of mild market divergence amid seasonal demand pressures.
Will the naira strengthen soon? Modest stability is likely if liquidity improves and external inflows continue rising.
How do oil prices affect rates? Higher oil prices boost FX reserves and strengthen the Naira, while declines tighten supply and increase pressure.
- Next article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for October 10, 2025
