Key points:

Official CBN (NAFEX) Rate: ₦1,379.07 / USD
Black-Market Rate: ₦1,400 / USD
Drivers: Naira slipped 0.24% (₦3.32) at the official market; the black market lost ₦5 to ₦1,400/$. Interbank FX turnover spiked 399% to $208.09 million from $41.74 million, with deals increasing to 150 from 47. The market was liquidity-heavy, but increased demand for foreign payments dragged the exchange rate. Analysts maintain positive expectations for H2 2026 despite the absence of CBN interventions.
Top Tools: FMDQ for NAFEX Data, CBN Forex Portal, Aboki FX for Parallel Market Rates

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The Naira slipped at both the official and parallel markets on Wednesday. The official rate lost ₦3.32 to close at ₦1,379.07/, while the black market weakened by ₦5 to ₦1,400/, while the black market weakened by ₦5 to ₦1,400/. Despite the depreciation, interbank turnover surged 399% to $208.09 million, indicating significant market activity. Analysts remain positive on the Naira’s outlook for the second half of 2026.

FAQ

What’s the gap between CBN & black-market rates? The premium stands at about ₦20.93. Both markets weakened in tandem, with the parallel market falling slightly more than the official rate.

Will the naira strengthen further? Analysts maintain positive expectations for the Naira’s outlook in the second half of 2026, despite the absence of CBN interventions to support liquidity. The significant increase in interbank turnover suggests active market participation, which could support stability going forward.

How do oil prices affect rates? Geopolitical tensions (US-Iran strikes) have reignited inflation concerns and impacted global markets. While the article notes that Bitcoin now tracks Treasury yields more closely than traditional hedges like crude, oil prices remain a key factor for Nigeria’s external reserves and FX inflows.

The Central Bank of Nigeria (CBN) has reacted to reports of the rejection of the standard #100 banknote by some members of the public, businesses, and other stakeholders, apparently due to doubts about its continued legal tender status.

In a statement on Wednesday, the CBN reiterated that both the commemorative #100 banknote and the standard #100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.

It said the commemorative #100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard #100 banknote.

“The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard #100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency. The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach.

“The Bank remains committed to safeguarding the integrity of the Naira, ensuring confidence in all duly issued banknotes, and promoting smooth currency circulation across the country.

“Accordingly, members of the public are urged to accept and transact with all banknotes legally issued by the Central Bank of Nigeria.

“For further clarification, members of the public are also advised to contact the CBN through its official communication channels,” the apex bank said.