Key points:
Official CBN Rate: ₦1,442.51 / USD
Black-Market Rate: ₦1,475 / USD
Drivers: Post-holiday drop in forex demand; Steady month-on-month growth in Nigeria's external reserves.
Top Tools: CBN Official Website, Aboki Fx
The Naira appreciated in both the official and parallel markets on Monday, December 29, following the Christmas holiday. The gain is attributed to reduced seasonal demand, with the official rate strengthening to ₦1,442.51/$1 and the black market rate improving by ₦15 to ₦1,475/$1.
FAQ
- What's the gap between CBN & black-market rates? The spread narrowed but remains significant at approximately ₦32.49, indicating that while conditions have improved, a notable premium persists in the unofficial market.
- Will the naira strengthen further? The post-holiday appreciation is a positive short-term signal. Whether this trend continues into the new year will depend on the level of demand resumption and the Central Bank's ability to sustain improved liquidity.
- How do oil prices affect rates? As the primary source of foreign exchange, stable or rising oil prices support external reserves. The reported 7.28% month-on-month reserve growth provides a stronger underlying buffer for the Naira's value.
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