Key points:
- Official CBN Rate: ₦1,531.57 / USD
- Black-Market Rate: < ₦1,550 / USD
- Drivers: Surge in diaspora remittances (+200%), rising foreign portfolio inflows, stronger FX reserves, weaker U.S. dollar globally
The naira kicked off September steady in the black market, trading below ₦1,550/$ as dollar weakness abroad met stronger FX inflows at home. Nigeria’s reserves rose $1.72bn to $41.3bn, giving the CBN more muscle to defend the currency. For real-time updates, use AbokiFX or CBN FX Monitor for interbank quotes, and Nairametrics FX Tracker for black-market snapshots, each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? About ₦18 per dollar, reflecting reduced speculative pressure.
- Will the naira strengthen soon? Analysts expect near-term stability, though rising demand or a rebound in the U.S. dollar could cap gains.
- How do oil prices affect rates? Higher oil receipts improve reserves, giving the CBN a stronger capacity to support the naira.
- Previous article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 17 July 2025
