Key points:
- Official CBN Rate: N1,506/$1
- Black-Market Rate: N1,525/$1
Top Tools: Naira to Dollar Converter, CBN Exchange Rate, Parallel Market Snapshot
The Naira saw mixed performance today, appreciating to N1,506 in the official market but depreciating to N1,525 in the parallel market. Analysts predict the rate will remain between N1,500 and N1,600, backed by strong foreign inflows.
FAQ
- What’s the gap between CBN & black-market rates? The official rate stands at N1,506/$1, while the parallel market rate is slightly higher at N1,525/$1, reflecting the gap between official and black-market trading.
- Will the naira strengthen soon? The Naira is expected to maintain stability within the N1,500–N1,600 range, supported by increasing foreign portfolio investments and robust FX liquidity.
- How do oil prices affect rates? Rising oil prices bolster Nigeria's foreign exchange reserves, improving market confidence and contributing to a more stable Naira.
- Previous article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 22 July 2025
