Key points:
- Official CBN Rate: N1,538.4 / USD
- Black-Market Rate: N1,560 / USD
- Drivers: Global oil prices, inflation, and CBN policies.
The Naira showed a mixed performance, appreciating slightly in the parallel market from N1,565 to N1,560, while depreciating to N1,538.4 in the official Nigerian Foreign Exchange Market. The margin between the two rates narrowed to N21.6. For real-time updates, use Aboki Forex or Xe Currency Converter for interbank quotes, and Wise for black-market snapshots, each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? The gap between the official and parallel market rates has narrowed to N21.6 per dollar.
- Will the naira strengthen soon? The direction of the Naira is unpredictable and depends heavily on several factors, including government policy, crude oil prices, and the country's foreign reserves.
- How do oil prices affect rates? As a major oil exporter, Nigeria's foreign exchange reserves are heavily influenced by global oil prices. Higher oil prices can increase dollar supply and help strengthen the Naira, while low prices can have the opposite effect.
