Key points:
Official CBN (NFEM) Rate: ₦1,386.66 / USD
Black-Market Rate: ₦1,400 - ₦1,410 / USD (range)
Drivers: Post-Easter holiday market adjustment; Depreciation of at least ₦5 from April 2 close of ₦1,380.79; Parallel market holding steady at previous levels while official rate weakened.
Top Tools: CBN Forex Portal, Aboki Fx
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The Naira depreciated against the US dollar at the official market on Tuesday, trading at ₦1,386.66/$, a decline of at least ₦5 from the last trading day before the Easter holidays. The parallel market remained stable, holding its buying and selling rates at ₦1,400 and ₦1,410, respectively.
FAQ
- What's the gap between CBN & black-market rates? The premium widened to approximately ₦13-₦23 as the official rate weakened while the parallel market held steady. This marks a reversal from the near-parity seen earlier in the week, with the spread returning to more typical levels.
- Will the naira strengthen further? The depreciation follows the Easter holiday break, suggesting some post-holiday adjustment pressure. The parallel market's stability indicates that underlying demand-supply dynamics in the informal sector remain balanced. The currency's trajectory will depend on how quickly the official market absorbs the holiday-related backlog.
- How do oil prices affect rates? The article does not directly cite oil price movements. The current depreciation appears more closely tied to post-holiday market dynamics rather than changes in commodity prices or external reserves.
