Key points:
- Official CBN Rate: N1,530.5 / USD
- Black-Market Rate: N1,560 / USD
- Drivers: Market adjustments, tightening gap between parallel & official rates.
- Top Tools: CBN website, NairaLive, ParallelMarketRates
The Naira has appreciated to N1,560/$ in the parallel market, slightly narrowing the gap with the official rate of N1,530.5/$. Key drivers include a small shift in the official market rate and the adjustment in the parallel market.
For real-time updates, use the CBN website for official rates, NairaLive for interbank quotes, and ParallelMarketRates for black-market snapshots, refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? The gap has narrowed to N29.5 per dollar, down from N35.5 per dollar the previous day.
- Will the Naira strengthen soon? While the Naira showed signs of appreciation, broader economic factors and oil prices may impact future trends.
- How do oil prices affect rates? Fluctuating oil prices directly impact Nigeria’s foreign reserves, which influences exchange rates in both official and parallel markets.
