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Official CBN (NAFEX) Rate: ₦1,362.55 / USD
Black-Market Rate: ₦1,400 / USD
Drivers: Naira appreciated 0.17% (₦2.28) at the official market; Black market gained ₦5 to ₦1,400/$. Interbank turnover rose 14% to $156.23 million, with deal counts at 139. Positive performance across all market segments.
Top Tools: FMDQ for NAFEX Data, CBN Forex Portal, Aboki Fx
The Naira put up a better performance across all market segments on Tuesday. The official rate gained ₦2.28 to close at ₦1,362.55/, while the parallel market strengthened by ₦5to₦1,400/. Interbank turnover rose 14% to $156.23 million, reflecting sustained market activity. The GTBank counter also saw a ₦1 appreciation.
FAQ
What’s the gap between CBN & black-market rates? The premium stands at about ₦37.45, narrower than previous levels as both markets strengthened.
Will the naira strengthen further? The Naira has shown consistent improvement across all market segments.
With interbank turnover rising to $156.23 million and deal counts holding steady, liquidity conditions appear supportive. However, global oil prices falling below $80/barrel amid US-Iran talks could impact future FX inflows.
How do oil prices affect rates? Brent crude fell below $80 per barrel amid reports of progress in US-Iran talks regarding the Strait of Hormuz. This could have implications for global oil supply and Nigeria’s FX earnings. The article notes that crypto markets are being driven by internal dynamics rather than macro factors, with traders watching for a potential Strait of Hormuz deal.
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