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Key points:
Official CBN (NAFEX) Rate: ₦1,367.76 / USD
Black-Market Rate: ₦1,395 / USD
Drivers: Seventh consecutive session of appreciation (0.14% or ₦1.87); FX turnover declined 24% to $1.163 billion from $1.532 billion, while deal counts surged to 417 from 313. Dangote Refinery resumed naira-based petrol sales after last week’s dollar pricing announcement. Traders project possible near-term weakening due to fuel importers’ dollar demand.
Top Tools: FMDQ for NAFEX Data, CBN Forex Portal, Aboki Fx
The Naira appreciated for the seventh consecutive session, gaining ₦1.87 to close at ₦1,367.76/. The parallel market strengthened by ₦5 to ₦1,395/. FX turnover declined 24% to $1.163 billion, though deal counts rose sharply to 417. Dangote Refinery resumed naira-based petrol sales after last week’s dollar pricing announcement, providing some relief.
FAQ
What’s the gap between CBN & black-market rates? The premium narrowed to about ₦27.24, down from previous levels as both markets strengthened.
Will the naira strengthen further? The currency has shown remarkable consistency with seven straight sessions of gains.
However, traders project possible near-term weakening due to foreign-currency buying from fuel importers. Dangote Refinery’s resumption of naira-based petrol sales could help moderate demand pressure.
How do oil prices affect rates? The article highlights a key development: Dangote Refinery, which distributes the majority of the country’s petrol supply, resumed naira-based petrol sales after last week’s dollar pricing announcement. This shift could reduce dollar demand pressure. However, fuel importers still require dollars, which traders cite as a potential source of future pressure.
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