Key points:
Official CBN (NAFEX) Rate: ₦1,371.51 / USD
Black-Market Rate: ₦1,410 / USD
Drivers: Extended recovery with second consecutive day of gains; Inflows from foreign investors, exporters, and non-bank corporates; Gross external reserves remaining above $50 billion (highest since 2009); Positive outlook with projections of ₦1,300/$ in H1 2026.
Top Tools: CBN Forex Portal, Aboki Fx
Your Daily Rate Fix
The Naira extended its recovery for a second consecutive day, gaining 0.34% to close at ₦1,371.51/$ in the official market. The parallel market also strengthened by ₦10 to ₦1,410/$, as improved inflows from multiple sources and the highest reserves since 2009 continue to ease pressure on the currency.
FAQ
- What's the gap between CBN & black-market rates? The premium narrowed further to approximately ₦38.49, down from previous sessions. Both markets are strengthening in tandem, indicating broad-based improvement in FX liquidity and confidence.
- Will the naira strengthen further? The outlook remains positive, with analysts projecting the Naira could reach ₦1,300/$ in the first half of 2026. The $50 billion+ reserve buffer provides substantial support. However, external pressures persist, as the ongoing US-Israel-Iran conflict has strengthened the dollar globally, creating a countervailing force that could moderate gains.
- How do oil prices affect rates? The $50 billion reserve milestone, the highest since 2009, is fundamentally supported by oil revenues and improved inflows. While not directly cited for this specific gain, this record buffer underpins the positive outlook and gives the CBN enhanced capacity to manage volatility. However, the same geopolitical tensions driving oil prices also strengthen the dollar internationally, creating a complex dynamic for the naira's trajectory.
