Key points:
Official CBN (NFEM) Rate: ₦1,388.15 / USD
Black-Market Rate: ₦1,460 - ₦1,475 / USD
Drivers: Successful management of corporate demand and clearance of historic FX backlogs by the Central Bank of Nigeria (CBN); Continued benefits from the Electronic Foreign Exchange Matching System (EFEMS) for transparency; Healthy external reserves; Absence of aggressive speculative activity.
Top Tools: CBN Forex Portal, Aboki Fx
The Naira maintained a steady stance with minor fluctuations during early Wednesday trading, continuing the stability established at the start of the month. This sustained calm in both official and parallel markets is attributed to improved liquidity, effective CBN policies, and a lack of speculative pressure, creating a predictable environment for businesses.
FAQ
- What's the gap between CBN & black-market rates? The premium remains within a narrowed and stable range of approximately ₦72 to ₦87. This spread is significantly below the peaks of late 2025, indicating that improved official market liquidity and transparency are having a lasting effect in reducing extreme arbitrage opportunities and calming the informal sector.
- Will the naira strengthen further? The outlook is for range-bound stability. The currency is well-positioned to maintain its current levels through Q1 2026, contingent on steady crude oil production and consistent foreign portfolio inflows. The market's trajectory will be further defined by the week's closing figures, but the current environment favors consolidation over sharp moves.
- How do oil prices affect rates? Steady crude oil production is explicitly cited as a key factor for the Naira to maintain its stability. The healthy level of external reserves, which underpins the CBN's capacity to manage demand and clear backlogs, is fundamentally supported by these earnings. Thus, oil revenue remains the bedrock that enables the effective function of systems like the EFEMS and the overall stable pricing observed.
