Nigeria Today's Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 12 January 2025

Key points:

Official CBN (NFEM) Rate: ₦1,423.82 / USD
Black-Market Rate: ₦1,475 - ₦1,490 / USD (range)
Drivers: CBN efforts to ensure transparency and steady FX supply for legitimate obligations; Early-year corporate demand; Steadying oil revenues supporting monetary policy.

Top Tools: CBN Forex Portal, Aboki Fx

The Naira opened the second week of the year with minor appreciation in the official market, gaining 0.20% to settle near ₦1,424/$1. This stability reflects ongoing CBN measures to manage liquidity, though a significant premium persists in the parallel market to serve retail and individual needs.

FAQ

• What's the gap between CBN & black-market rates? The premium remains significant, ranging from approximately ₦51 to ₦66. This persistent spread highlights the continued divergence between the regulated official market for large transactions and the high-demand informal market for smaller-scale forex access.
• Will the naira strengthen further? The stability seen today is positive but faces a near-term test. As importers ramp up orders for the first quarter, increased demand for dollars will challenge the CBN's ability to maintain the current rate, making further significant appreciation uncertain in the short term.
• How do oil prices affect rates? Steady oil revenues are a foundational pillar, providing the foreign exchange that underpins the CBN's ability to supply the official market. The current stability is a direct benefit of this revenue stream, which funds the interventions necessary to meet corporate and legitimate demand.