Key points:
- Official CBN Rate: ₦1,471 / USD
- Black-Market Rate: ₦1,480 / USD
- Drivers: Reduced forex inflows, oil production slump from PENGASSAN strike, rising dollar index
- Top Tools: AbokiFX, Investing.com, CBN FX Monitor
The Naira slid further on Tuesday as dollar demand surged and inflows weakened. The official rate closed at ₦1,471/$1, while the black-market rate hit ₦1,480/$1. Analysts blame reduced crude oil output, down 200,000 barrels daily, and falling FX liquidity for the continued pressure. For real-time updates, use AbokiFX or Investing.com for interbank quotes, and CBN FX Monitor for black-market snapshots, each refreshed every minute.
FAQ
What’s the gap between CBN & black-market rates? Around ₦9 per dollar, reflecting mild convergence but continued pressure on the naira.Will the naira strengthen soon? Not likely until oil output stabilises and foreign inflows rise.
How do oil prices affect rates? Lower production cuts dollar supply, weakening the naira in both official and parallel markets.
- Next article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 10 September 2025
