Key points:
Official CBN (NAFEM) Rate: ₦1,450.92 / USD
Black-Market Rate: ₦1,490 / USD
Drivers: Increased FX liquidity; Dovish US Federal Reserve policy softening the Dollar; Sustained CBN reforms and foreign reserve accumulation.
Top Tools: FMDQ for NAFEM Data, Aboki Fx
The Naira holds steady, with the gap between official and parallel markets narrowing to roughly ₦40, a sign of improved market efficiency. Stability is expected to continue, supported by policy shifts and global monetary trends.
FAQ
What’s the gap between CBN & black-market rates? The spread has narrowed significantly to approximately ₦40, reflecting reduced arbitrage opportunities and improved FX liquidity.
Will the naira strengthen soon? The currency is projected to maintain its current stable range, bolstered by positive foreign investor sentiment and expectations of further supportive US Fed policy.
How do oil prices affect rates? While a foundational factor, the current stability is more directly attributed to increased foreign inflows and effective CBN market interventions.
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