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Key points:
Official CBN (NFEM) Rate: ₦1,363 / USD (range ₦1,360–₦1,366)
Black-Market Rate: Buying ₦1,385 / USD, Selling ₦1,395 – ₦1,405 / USD
Drivers: Improved liquidity in the official market; CBN efforts sustaining stability; Relatively narrow gap between official and parallel markets, reflecting greater convergence; Persistent demand from importers, travellers, and businesses continues to support parallel market activity.
Top Tools: FMDQ for NFEM Data, CBN Forex Portal, Aboki FX for Parallel Market Rates
The naira traded with relative stability on Thursday, with the official NFEM rate holding around ₦1,360–₦1,366 per dollar. The parallel market quoted the dollar at ₦1,385 for buying and ₦1,395–₦1,405 for selling. The spread remains narrow compared to previous years, indicating improved convergence and confidence in Nigeria’s foreign exchange market.
FAQ
What’s the gap between CBN & black-market rates? The premium ranges from about ₦22 to ₦42, depending on whether you use the official midpoint vs. parallel selling rates. This relatively narrow gap reflects sustained liquidity in the official window and better market alignment.
Will the naira strengthen further? Analysts suggest the naira has been supported by improved official liquidity and consistent CBN policies. The currency has traded largely within the ₦1,350–₦1,370 range recently. Further strengthening will depend on continued dollar inflows, lower import demand, and the CBN’s ability to maintain reserves and high interest rates without stifling growth.
How do oil prices affect rates? While the article does not directly cite oil prices, Nigeria’s external reserves (which underpin the naira’s defence) are heavily influenced by crude oil earnings. Higher oil prices boost dollar inflows, strengthen reserves, and give the CBN more capacity to support the currency. Conversely, lower oil prices could widen the gap and increase pressure on the naira.Thank you for reading our news today. Please kindly click the Read Original Button at the top to read more of the original content of this article. God bless you.
