Key points:
- Official CBN (NFEM) Rate: N1,365.25 per US Dollar
- Black-Market Rate: N1,390 - N1,400 per US Dollar (buying - selling)
- Drivers: Significant appreciation of at least N9 from the previous trading rate of N1,374.94 on 30 April 2026; Improved market liquidity and confidence; Parallel market buying rate decreased by N3 while selling rate increased by N2.
- Top Tools: FMDQ for NFEM Data, CBN Forex Portal, Aboki Fx
The Naira strengthened significantly against the US dollar at the official market on Monday, trading at N1,365.25 per dollar. This represents an appreciation of at least N9 from the previous trading rate of N1,374.94 on 30 April 2026. The parallel market showed mixed movement, with the buying rate decreasing to N1,390 and the selling rate increasing to N1,400.
FAQ
- What is the gap between CBN and black market rates? The premium stands at approximately N25 to N35. The official market strengthened significantly while the parallel market showed mixed signals, resulting in a modestly widened spread.
- Will the naira strengthen further? The Naira gained at least N9 in a single trading session, indicating strong positive momentum. The official market closed at N1,367.50 after trading as low as N1,365.25, suggesting sustained demand and improved liquidity conditions.
- How do oil prices affect rates? The article focuses on domestic market dynamics. The significant appreciation at the official market reflects improved liquidity and growing market confidence rather than direct oil price movements.
