Official CBN (NAFEX) Rate: ₦1,370.15 / USD
Black-Market Rate: ₦1,390 / USD
Drivers: Naira continued its positive run, gaining 0.16% (₦2.26) at the official market; the black market strengthened by ₦5 to ₦1,390/$. Interbank FX turnover declined to $85.5 million, down from an intra-week high of $269.9 million; Profit-taking pressure has tapered; Strong policy signals from the CBN back the market.
Top Tools: FMDQ for NAFEX Data, CBN Forex Portal, Aboki FX for Parallel Market Rates
The Naira continued its positive run, gaining ₦2.26 to close at ₦1,370.15 at the official market. The black market strengthened by ₦ 5 to ₦ 1,390 at the official market. Interbank turnover declined from an intra-week high of $269.9 million, suggesting reduced demand pressure. Despite a slowdown in CBN intervention, expectations remain that the Naira will trade within a stable range through the remainder of 2026.
FAQ
What’s the gap between CBN & black-market rates? The premium narrowed to about ₦19.85, reflecting improved convergence as both markets strengthened.
Will the naira strengthen further? Pressure from half-year profit-taking has tapered, and continued policy signals from the CBN are supporting the market. The broader expectation remains that the Naira will trade within a relatively stable range through the remainder of 2026.
How do oil prices affect rates? Oil sales remain a key source of FX inflows supporting Nigeria’s external reserves. While the article does not directly cite oil prices, continued strong reserves give the CBN the capacity to manage volatility. The recent sharp decline in interbank turnover also suggests reduced demand pressure.
