Key points:
Official CBN/NAFEX Rate: ₦1,448.44 / $1
Black-Market Rate: ₦1,460 / $1
Drivers: FX volatility, weak foreign inflows, policy uncertainty at the CBN, speculative trading pressure.
Top Tools: AbokiFX, CBN I&E Window Feed, Parallel Market Pro Tracker
The naira slipped by 0.12% at the official market, closing at ₦1,448.44/$1, while the black-market rate held at ₦1,460/$1. Pressure persists as foreign inflows weaken and traders remain unsure of CBN’s next steps despite strong reserves. For real-time updates, use AbokiFX or CBN I&E Window Feed for interbank quotes, and Parallel Market Pro Tracker for black-market snapshots, each refreshed every minute.
FAQ:
What’s the gap between CBN & black-market rates? About ₦12, reflecting continued market pressure and thin liquidity.
Will the naira strengthen soon? Cowry Asset expects the naira to remain tight around the mid-₦1,440s unless inflows improve or the CBN intervenes more clearly.
How do oil prices affect rates? Higher oil prices boost reserves and support the naira, while low prices reduce FX inflows and increase pressure on the currency.
