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Key points:
Official CBN (NFEM) Rate: ₦1,373.25 / USD
Black-Market Rate: Buying ~₦1,375, Selling ₦1,385 – ₦1,405 / USD
Drivers: Improved interbank transactions and sustained liquidity in the FX market; Continued CBN reforms aimed at transparency and volatility reduction; Narrow gap between official and parallel markets.
Top Tools: FMDQ for NFEM Data, CBN Forex Portal, Aboki FX for Parallel Market Rates
The naira traded within a relatively stable range, with the official NFEM rate at ₦1,373.25 per dollar. The parallel market averaged around ₦1,385 for selling, leaving a narrow spread. Improved interbank activity and sustained liquidity have helped support the local currency despite persistent dollar demand.
FAQ
What’s the gap between CBN & black-market rates? The premium is roughly ₦12–₦32, which is relatively narrow compared to historical levels. The official rate (₦1,373.25) and black‑market selling rates (₦1,385–₦1,405) show continued convergence.
Will the naira strengthen further? The naira has remained steady in recent weeks as the CBN continues market reforms and liquidity management. Analysts expect sustained stability as long as interbank liquidity remains robust and reforms improve transparency. However, persistent demand from importers and manufacturers could still exert pressure.
How do oil prices affect rates? While the article does not directly cite oil prices, global crude trends influence Nigeria’s external reserves and FX earnings. The current stability owes more to improved interbank transactions and CBN policy consistency than to short‑term oil price swings.
