Key points:
Official CBN (NFEM) Rate: ₦1,342.50 / USD
Black-Market Rate: ₦1,390 / USD
Drivers: Naira depreciation across both official and parallel markets; NFEM interbank turnover down 67.3% to N74.3 million from N124.3 million; Widening spread between market segments.
Top Tools: CBN Forex Portal, Aboki Fx
Your Daily Rate Fix
The Naira depreciated across both market segments on Friday, with the official rate easing by ₦1.49 to ₦1,342.50/$ and the parallel market weakening by ₦2 to ₦1,390/$. The depreciation came alongside a sharp 67.3% decline in NFEM interbank turnover, which fell to N74.3 million.
FAQ
- What's the gap between CBN & black-market rates? The premium widened slightly to ₦47.50, up from ₦46.99 on Thursday, reflecting the broader depreciation across both markets.
- Will the naira strengthen further? The sharp decline in interbank turnover, from N124.3 million to N74.3 million, suggests reduced market activity that could continue to pressure the currency. The direction will depend on whether liquidity conditions improve in the coming sessions.
- How do oil prices affect rates? The article does not directly cite oil price movements. The current depreciation appears more closely tied to reduced interbank market activity and trading volumes rather than changes in commodity prices.
