The naira
appreciated by 0.16% to 1530.52/$ on Wednesday, up from 1532.93/$ in the
previous trading session, according to data from the Central Bank of Nigeria
(CBN).
CBN records
show that the naira traded as high as 1545/$ and as low as 1500/$, a slight
improvement from Tuesday’s rates. Meanwhile, the parallel market remained
unchanged at 1585/$, widening the gap for speculative traders. Analysts noted
that the difference between official and parallel market rates has narrowed to
3.07% from 3.40% at the start of the week.
Despite
minor fluctuations, experts believe structural reforms and increased forex
inflows are stabilizing the market. **Tilewa Adebajo**, CEO of CFG Advisory,
emphasized the impact of a unified exchange platform, which is shifting forex
transactions away from the parallel market. “Many overseas inflows are now
processed through official channels, reducing dependence on the CBN as the
primary dollar supplier,” she explained.
In an
investor note, **Comercio Partners** credited the naira’s stability for keeping
import costs in check but warned that policy missteps could reverse gains.
Similarly, **CardinalStone analysts** highlighted potential risks, citing the
impact of declining global crude oil prices on Nigeria’s forex stability and
inflation.
Brent crude
prices have dropped 5.5% year-to-date, with the U.S. ramping up production and
revising its 2025 crude output forecast to 13.61 mbpd. Experts caution that
Nigeria’s FX stability will rely on sustained forex inflows and competitive
market policies.
