CBN Official Rates Today

The Central Bank of Nigeria publishes official exchange rates daily through the Nigerian Autonomous Foreign Exchange Market, known as NAFEM. These rates represent the price at which authorised dealers (commercial banks and licensed Bureau de Change operators) transact in regulated channels. They are not the rates you will typically get at a street-level BDC or informal money changer.

Form A and accessing dollars at the official rate

Nigerian banks offer dollar access at or near the CBN rate for specific eligible transactions. School fees and tuition payments abroad, medical treatment, and Personal Travel Allowance (PTA) of up to $4,000 per quarter can be processed through your bank at the official rate using a Form A or Form M declaration. Outside these categories, most individuals and small businesses cannot access the NAFEM window and must use BDC operators at the parallel rate.

Why the CBN rate and black market rate diverge

Nigeria earns the majority of its foreign currency through crude oil exports. When oil revenues fall short, or when import demand surges (as it typically does in the fourth quarter) the CBN cannot supply enough dollars at the official window to satisfy everyone. The shortfall creates a separate market where price is determined freely. The wider the gap between the two rates, the greater the unsatisfied demand in the official channel.

Businesses that must use the official rate

Publicly listed companies in Nigeria are required to report foreign currency transactions at the CBN rate for accounting purposes. Government contracts denominated in foreign currency are typically settled at rates close to NAFEM. Banks use the official rate as the basis for letters of credit and documentary collections for importers with Form M approval.

How often does AbokiFx update these rates?

AbokiFx fetches CBN rates every 30 minutes directly from the Central Bank's published data. The CBN typically updates its rates once per business day, usually by mid-morning. If no new rate has been published, the most recently available rate is displayed with its original timestamp.