Key points:
Official CBN Rate: ₦1,420.04 / USD
Black-Market Rate: ₦1,490 / USD
Drivers: A slight retreat in the official market, ending two consecutive days of appreciation; Continued growth in Nigeria's foreign reserves, which rose to $45.74 billion.
Top Tools: CBN Official Website, Aboki Fx
The Naira recorded a marginal depreciation at the official market on Wednesday, January 15, dipping by 38 kobo to break its brief appreciation streak. This occurred even as the nation's external reserves continued to climb, highlighting the complex factors influencing daily forex movements.
FAQ
- What's the gap between CBN & black-market rates? The premium remained steady at approximately ₦69.96, as the parallel market rate held flat while the official rate weakened slightly.
- Will the naira strengthen soon? Mixed signals persist. The steady accumulation of foreign reserves is a fundamental strength that supports the currency's potential. However, the immediate market direction will depend on the balance of daily dollar supply and demand pressures, which can cause short-term fluctuations like today's dip.
- How do oil prices affect rates? Oil revenue is the primary source feeding the growth in foreign reserves. The rising reserve figure ($45.74 billion) is a direct positive outcome of stable oil earnings, providing the CBN with a larger buffer to manage exchange rate stability over the medium to long term, even if daily rates experience minor volatility.
