Nigeria Today's Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 24 April 2026

Key points:

Official CBN Rate: ₦1,355 / USD
Black-Market Rate: [Not specified]
Drivers: Renewed pressure in the FX market with a consistent downward trend from ₦1,341.01/$ a week earlier; External reserves declining to $48.48 billion from $48.54 billion; Safe-haven dollar demand amid stalled US-Iran peace negotiations and Strait of Hormuz tensions; DXY hovering around 98.82, on track for a 0.58% weekly gain.

Top Tools: CBN Forex Portal, Aboki Fx, Nairametrics

The Naira weakened to ₦1,355/$ on Thursday, extending a gradual downward trend as external reserves dipped to $48.48 billion. The currency has depreciated steadily from ₦1,341.01/$ a week ago, while global safe-haven demand for the dollar—driven by stalled US-Iran peace talks—has added to pressure on emerging-market currencies.

FAQ

• What's the gap between CBN & black-market rates? The article focuses on official market dynamics, showing intraday trading between ₦1,350/$ and ₦1,355.80/$, with a simple average of ₦1,354.19/$. Parallel market rates typically follow similar directional trends, though specific figures are not provided.
• Will the naira strengthen further? The outlook reflects a complex interplay of domestic and global factors. Higher oil prices could support FX inflows, but global uncertainties may offset these gains. CBN Governor Olayemi Cardoso recently stated that the decline in external reserves "should not be a cause for concern," suggesting he views minor fluctuations as overinterpreted.
• How do oil prices affect rates? Tensions around the Strait of Hormuz have raised concerns over potential oil supply disruptions, supporting crude prices and, paradoxically, the dollar as a safe-haven asset. Higher oil prices could benefit Nigeria's FX inflows, but the current safe-haven demand for the dollar is putting countervailing pressure on emerging market currencies like the naira.