Key points:
- Official CBN Rate: N1,484.14 / USD
- Black-Market Rate: N1,510 / USD
- Drivers: Strong demand for Naira, reduced speculative trading, and improved foreign reserves
- Top Tools: Official FX Rate, Parallel Market Snapshot, CBN FX Policies, Nairametrics
The Naira strengthened to N1,484.14/$ in the official market, continuing its upward trend, bolstered by reduced dollar demand and CBN interventions. Parallel market rates remained stable at N1,510/$. Analysts forecast that steady dollar inflows and improving reserves will support continued appreciation.
FAQ
- What’s the gap between CBN & black-market rates? The gap stands at ₦25.86, signaling a narrowing difference and improving market stability.
- Will the naira strengthen soon? Expect continued support from steady dollar inflows and interventions, but speculative activity could lead to short-term volatility.
- How do oil prices affect rates? Oil production, such as Bonny Light, remains a key buffer against pressures from global oil demand fluctuations.
- Previous article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 29 July 2025
