Naira strengthened against the U.S. dollar on Monday, closing at N1,366.79/$1 at the official CBN window.
That’s a gain of N6.46 from Wednesday’s N1,373.25/$1, according to CBN forex data.
At the parallel market, the story was flat. The naira held at N1,390/$1, unchanged from the previous day.
Other currencies were mixed. The naira gained N5 against the British pound, trading at N1,875/£1 versus N1,880/£1 previously. It was flat against the Canadian dollar at N1,100/CA$1. But it slipped N5 versus the euro, closing at ₦1,615/€1 compared to ₦1,610/€1.
The official market gain suggests improved dollar liquidity or demand pressure easing, while the steady black market rate shows parallel market rates remain sticky despite CBN reforms.
The naira’s official gain is mostly about CBN’s liquidity reforms and better FX supply from higher oil prices/reserves. Black market is calm because the two rates are finally close. But risks remain: oil prices depend on Middle East talks, and analysts warn naira could slide to N1,650-N1,700 if CBN cuts rates and oil slumps.
