Official CBN/NAFEM Rate: ₦1,441 / $1
Black-Market Rate: ₦1,455 / $1
Drivers: CBN maintains MPR at 27%, tight monetary stance, improved FX inflows, stable PMS prices, and rising investor confidence.
Top Tools: AbokiFX Pro, FXTONIC Live, BluFX Monitor
The naira gained modestly across FX windows on Tuesday, closing at ₦1,441/$1, up from ₦1,452/$1 on Monday, following the conclusion of the CBN’s 303rd MPC meeting. The apex bank held the Monetary Policy Rate at 27%, maintaining key policy parameters including a 45% CRR for deposit banks and a 30% liquidity ratio.
Governor Olayemi Cardoso said the restrictive policy aims to stabilize the FX market, attract foreign inflows, and support broader economic reforms. Analysts note the naira’s steady appreciation below ₦1,500/$1 since mid-September reflects the success of sustained monetary tightening.
Standard Bank projects the naira may close 2025 at ₦1,458.8/$1, with political developments and pre-election fiscal activity likely to affect its trajectory. Meanwhile, improved reserves, higher banking system liquidity, and investor confidence support continued stability in the currency.
FAQWhat’s the gap between CBN & black-market rates? About ₦14, showing narrowing due to tighter market alignment.
Will the naira strengthen soon? Modest gains expected; FX inflows and market stability are key.
How do oil prices affect rates? Higher oil prices strengthen reserves and support the naira; lower prices create pressure.
