Naira Faces Renewed Volatility as FX Reforms and Oil Shifts Shape Today's Rates

The naira showed renewed volatility on Nigeria's foreign-exchange markets today, with traders reporting wide gaps between official windows and the parallel market. Market sources said selective Central Bank of Nigeria (CBN) interventions and constrained dollar liquidity have left importers and foreign-exchange bureaus navigating uneven price discovery. The disconnect between the NAFEX/official window and black‑market rates continued to be a defining feature of trading. Analysts pointed to a mix of drivers behind today's moves: fluctuations in oil receipts, sustained dollar strength globally, and intermittent portfolio flows into and out of local assets. While crude export revenues remain the economy's primary source of FX, delays in offshore receipts and increased demand for dollars to pay for imports amplified tightness. Some banks and corporates reported increased use of hedging tools and forward contracts as they seek to manage currency risk. The currency's swings are feeding into broader economic concerns. Businesses dependent on imported inputs are facing higher working capital costs, and analysts say sustained FX divergence can add to inflationary pressures. The CBN has signalled a preference for gradual unification of FX windows and increased transparency in FX allocation, but market participants say tangible progress will hinge on consistent dollar inflows and clear policy communication. Looking ahead, economists expect near‑term volatility to persist while authorities work to shore up FX liquidity and restore convergence across markets. Traders and corporate treasurers are advised to monitor central-bank notices, oil-receipt timelines and global dollar trends closely. For many firms and households, the immediate priority remains managing exposure to further naira swings until macroeconomic signals become more predictable.