Key points:
- Official CBN Rate: ₦1,534.51 / USD
- Black-Market Rate: ₦1,543 / USD
- Drivers: CBN forex sales, market stability, speculative activities
- Top Tools: XE, CBN Website, Naira Metrics
The Naira weakened against the U.S. Dollar, closing at ₦1,543/$1 in the black market, up from ₦1,542/$1 on Tuesday. In the official market, it declined to ₦1,534.51/$1, a 0.09% drop from the previous day’s ₦1,533.03/$1. The currency also faced depreciation in the spot market, closing at ₦2,043.87/£1 against the Pound Sterling and ₦1,783.17/€1 against the Euro. However, persistent FX injections by the Central Bank of Nigeria (CBN) have helped stabilize the Naira and reduce speculative transactions. For real-time updates, use the XE or CBN Website for interbank quotes and Naira Metrics for black-market snapshots, each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? The Naira is trading at a ₦8.49 difference between the official and black-market rates, reflecting moderate volatility.
- Will the naira appreciate soon? While the Naira is facing short-term weakness, continuous FX injections and improved market sentiment could stabilize or strengthen the currency.
- How do global economic factors affect exchange rates? International events like stagflation and U.S. economic reports can influence global currency strength, including the Naira's movement against the Dollar.
- Previous article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 8 July 2025
