Key points:
Official CBN (NAFEM) Rate: ₦1,447.83 / USD
Black-Market Rate: ₦1,465 / USD
Drivers: Seasonal "Detty December" forex demand pressure; Anticipation of diaspora remittance inflows; Central Bank of Nigeria (CBN) market interventions.
Top Tools: [Tool 1 - e.g., CBN Forex Portal], [Tool 2 - e.g., FMDQ FX Market Watch], [Tool 3 - e.g., Aboki Forex for parallel market trends]
The Naira experienced marginal depreciation at both the official and parallel markets on Thursday, with traders anticipating the currency to find stability within a band of ₦1,443-₦1,450 next week, supported by expected seasonal inflows and CBN interventions.
FAQ
What’s the gap between CBN & black-market rates? The spread widened slightly to approximately ₦17, reflecting persistent seasonal demand pressure in the unofficial market.
Will the naira strengthen soon? Stability is expected in the coming weeks as festive season inflows from travel and diaspora remittances are projected to boost FX liquidity.
How do oil prices affect rates? While always a factor, current market focus is on seasonal demand dynamics and the timing of expected "Detty December" diaspora inflows to provide support.
