Key points:
- Official CBN Rate: N1,506/$1
- Black-Market Rate: N1,525/$1
- Drivers: Improved foreign reserves, stronger market confidence, reduced speculative trading
- Top Tools: CBN FX Data, Naira Metrics, Parallel FX Tracker
The Naira strengthens in both official and parallel markets, closing at N1,506/$1 in the official market and N1,525/$1 in the parallel market. This positive trend is supported by Nigeria’s growing foreign reserves and an improved external position.
FAQ
- What’s the gap between CBN & black-market rates? The gap between the CBN and black-market rates is about N19, reflecting market dynamics influenced by external capital inflows and reserve improvements.
- Will the naira strengthen soon? Naira's strength is likely to continue with support from growing reserves, but political and global oil price fluctuations could add volatility.
- How do oil prices affect rates? Rising oil exports boost Nigeria’s reserves, strengthening the Naira. However, global price fluctuations could impact the Naira's outlook.
- Previous article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 24 July 2025
