Key points:
Official CBN (NAFEX) Rate: ₦1,351.02 / USD
Black-Market Rate: ₦1,430 / USD
Drivers: Consistent Central Bank of Nigeria (CBN) reforms aimed at improving FX liquidity; Stronger trade receipts from elevated global oil prices, boosting dollar supply; CBN's policy focus on disinflation, market normalisation, and financial-system resilience.
Top Tools: CBN Forex Portal, Aboki Fx
The Naira soared to significant new highs on Tuesday, appreciating to ₦1,351/$1 in the official market and gaining ₦20 on the black market. This surge is attributed to the CBN's sustained reform agenda, which has enhanced liquidity and stronger FX inflows from high oil prices, continuing the positive momentum from 2025.
FAQ
- What's the gap between CBN & black-market rates? The premium narrowed significantly to approximately ₦79. The parallel market's substantial ₦20 gain indicates the positive momentum and improved dollar supply are having a strong effect across both formal and informal market segments, leading to greater convergence.
- Will the naira strengthen further? The outlook is strongly positive, with the market on a "firmer footing" and extending last year's momentum. Continued strength is likely if the CBN maintains its reform trajectory and elevated oil prices sustain robust trade receipts, supporting both currency stability and investor confidence.
- How do oil prices affect rates? Elevated global oil prices are directly cited as a key driver, boosting trade receipts and FX supply. This demonstrates a clear transmission mechanism where higher oil revenue increases dollar inflows, directly strengthening the Naira's value and supporting the CBN's broader market normalisation goals.
