Key points:
- Official CBN Rate: N1,529.5 / USD
- Black-Market Rate: N1,565 / USD
- Drivers: Depreciation of the Naira, widening gap between parallel and official rates
Top Tools: CBN Exchange Rate Monitor, Parallel Market Tracker, Forex Rate Comparison Tools
The Naira has depreciated further in the parallel market, now trading at N1,565 per dollar, down from N1,560 last weekend. The official exchange rate on the Nigerian Foreign Exchange Market (NFEM) also saw a slight dip, moving to N1,529.5 per dollar from N1,528.5. As a result, the gap between the parallel market and NFEM has widened to N35.5 per dollar from N31.5 last week, indicating increased currency volatility.
For real-time updates, use the CBN Exchange Rate Monitor or Parallel Market Tracker for interbank quotes, and Forex Rate Comparison Tools for black-market snapshots—each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? The current gap between the official CBN rate and the black-market rate is N35.5 per dollar.
- Will the naira strengthen soon? The naira's near-term strength depends on ongoing economic adjustments, including the CBN’s monetary policies and oil price stability.
- How do oil prices affect rates? Oil prices directly influence the Naira’s value due to Nigeria's dependence on oil exports, with price fluctuations impacting foreign exchange reserves.
