Key points:
Official CBN Rate: ₦1,450.43 / USD
Black-Market Rate: ₦1,465 / USD
Drivers: Mounting seasonal FX demand for holiday payments; Anticipation of CBN market interventions; Expected boost from “Detty December” diaspora remittance inflows.
Top Tools: CBN Forex Portal, FMDQ FX Market Watch, Aboki Fx
The Naira weakened further at the official market on Friday, with pressure from higher foreign payments. Traders forecast the currency will find stability within a ₦1,443-₦1,450 band next week, supported by expected Central Bank interventions and seasonal inflows.
FAQ
What’s the gap between CBN & black-market rates? The spread remains around ₦15, indicating persistent but contained demand pressure in the parallel market.
Will the naira strengthen soon? Stability within a narrow range is the near-term expectation, as anticipated CBN interventions and festive period remittances are projected to counter seasonal demand.
How do oil prices affect rates? While a key long-term factor, immediate market focus is on the balance between rising seasonal dollar demand and the anticipated inflow of diaspora funds during the December festivities.
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