Key points:
Official CBN (NAFEX) Rate: ₦1,457.84 / USD
Black-Market Rate: ₦1,475 / USD
Drivers: Insufficient forex supply from CBN, exporters, and foreign investors; Expected seasonal "Detty December" inflows from diaspora remittances have not yet materialized to offset demand.
Top Tools: [Tool 1 - e.g., FMDQ for NAFEX Data], [Tool 2 - e.g., CBN Forex Portal], [Tool 3 - e.g., Aboki Forex for Parallel Market Rates]
The Naira weakened further at the official market on Thursday due to unmet forex demand, while the parallel market held steady. The outlook remains for range-bound trading, with stability dependent on the arrival of anticipated festive season inflows.
FAQ
- What’s the gap between CBN & black-market rates? The spread widened slightly to approximately ₦17.16, reflecting the continued pressure in the official window from inadequate supply.
- Will the naira strengthen soon? A significant near-term appreciation is unlikely until expected diaspora remittances materialize to boost dollar supply. Stability within the current range is the more probable scenario.
- How do oil prices affect rates? While high oil revenue supports national reserves, the immediate pressure on the Naira is a market liquidity issue. The current weakness is driven by a shortfall in supply from key market participants, not directly by oil price movements.
