Key points:
- Official CBN Rate: ₦1,488.56 / USD
- Black-Market Rate: ₦1,490 / USD
- Drivers: Lower FX demand, recent CBN interest rate cut, easing investor pressure
- Top Tools: CBN FX Monitor, AbokiFX, Parallel Market Hub
The naira surged in the parallel market, strengthening to ₦1,490/$1, its best level in 15 months, while the official rate closed at ₦1,488.56/$1. The tighter gap between both markets signals growing confidence after the CBN’s recent rate cut boosted liquidity.
FAQ
- What’s the gap between CBN & black-market rates? Just ₦1.44, showing near convergence.
- Will the naira strengthen soon? Analysts see short-term gains as FX demand softens and reserves support supply.
- How do oil prices affect rates? Higher crude output and prices boost Nigeria’s dollar inflows, stabilizing the naira.
- Previous article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 31 July 2025
