Key Points: - Official CBN Rate: ₦1,537.2 / USD
- Black-Market Rate: ₦1,546 / USD
- Drivers: Increased FX liquidity, improved market sentiment, and CBN policy adjustments.
- Top Tools: Wise, Aboki Forex, XE.
The Naira showed positive movement yesterday, appreciating against the dollar in both the official and parallel markets. This led to a significant narrowing of the gap between the two rates, signaling a potential for greater market stability. For real-time updates, use Wise or XE for interbank quotes, and Aboki Forex for black-market snapshots, each refreshed every minute.
FAQ:
- What’s the gap between CBN & black-market rates? The margin between the official and black-market rates narrowed to ₦8.8 per dollar, down from ₦13 on Tuesday.
- Will the naira strengthen soon? While the recent appreciation is a positive sign, the Naira's future strength depends on sustained FX liquidity, stable oil prices, and the consistent implementation of the Central Bank's policies.
- How do oil prices affect rates? As Nigeria's main export, oil prices significantly impact the country's foreign exchange earnings. When oil prices are high, it increases the supply of dollars, which can strengthen the Naira. Conversely, a drop in oil prices reduces FX inflows and puts pressure on the currency.
- Previous article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 2 July 2025
