Key points:
Official CBN (NFEM) Rate: N1,374.94 per US Dollar
Black-Market Rate: N1,393 - N1,398 per US Dollar (buying - selling)
Drivers: Sustained appreciation at the official market with a gain of at least N4 from Wednesday's rate of N1,379.46; Improved market liquidity and confidence; Parallel market buying rate increased by N3 while selling rate held steady.
Top Tools: CBN Forex Portal, Aboki Fx
Your Daily Rate Fix
The Naira recorded another gain at the official market on Thursday, strengthening to N1,374.94 per dollar. This represents an appreciation of at least N4 from Wednesday's closing rate of N1,379.46. The parallel market saw its buying rate increase by N3 to N1,393, while the selling rate remained unchanged at N1,398.
FAQ
- What is the gap between CBN and black market rates? The premium stands at approximately N18 to N23. The official market continued its appreciation trend, while the parallel market showed mixed movement, with the buying rate increasing and the selling rate holding steady.
- Will the naira strengthen further? The Naira has recorded consecutive gains at the official market, suggesting sustained positive momentum. Improved liquidity and growing market confidence are supporting the currency's performance. The parallel market's relative stability also indicates that demand pressures are being managed.
- How do oil prices affect rates? The article focuses on domestic market dynamics. The continued appreciation at the official market reflects improved liquidity conditions and market confidence rather than direct oil price movements.
