Key points:
- Official CBN Rate: N1,533.77 / USD
- Black-Market Rate: N1,550 / USD
- Drivers: FX liquidity, government interventions, foreign inflows, inflation trends
The Naira has weakened slightly in both official and black-market exchange rates today, reflecting pressure in the FX markets. The official rate saw a marginal decline to N1,533.77 per Dollar, while the black-market rate dropped to N1,550 per Dollar. Despite the slight depreciation, analysts expect the Naira to stabilize within the N1,530 – N1,540 per Dollar range, supported by robust foreign inflows and CBN's interventions.
FAQ
- What’s the gap between CBN & black-market rates? The current gap is N16.23 (N1,550 - N1,533.77 per Dollar).
- Will the naira strengthen soon? Analysts predict stability, with the Naira expected to remain within the N1,530 – N1,540 range, aided by steady FX liquidity and government interventions.
- How do oil prices affect rates? Oil prices directly impact Nigeria’s foreign exchange inflows, and any fluctuation in global oil prices often influences the Naira’s strength.
- Previous article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 04 July 2025
