Key points:
- Official CBN Rate: ₦1,534.48 / USD
- Black-Market Rate: ₦1,540 / USD
- Drivers: CBN reforms, forex supply, market stability
- Top Tools: XE, CBN Website, Naira Metrics
Your Daily Rate Fix
The Naira closed at ₦1,534.48/$1 in the official market, losing 0.08% from the previous day. Despite this depreciation, the Naira gained against the Pound Sterling and Euro, closing at ₦2,039.23/£1 and ₦1,760.71/€1. In the parallel market, the Naira remained steady at ₦1,540/$1. Strong macroeconomic stability and reforms by the Central Bank of Nigeria have helped keep the currency within its recent trading range. For real-time updates, use XE or CBN Website for interbank quotes, and Naira Metrics for black-market snapshots—each refreshed every minute.
FAQ
- What’s the gap between CBN & black-market rates? The Naira is trading at a ₦5 difference between the official and black-market rates, reflecting market dynamics.
- Will the naira strengthen soon? The Naira’s outlook is supported by recent CBN reforms and forex supply improvements, but global and domestic challenges may cause fluctuations.
- How do oil prices affect rates? Oil prices play a significant role in Nigeria’s forex market, influencing the Naira’s value due to its impact on the country’s foreign reserves.
- Next article in the series 'Dollar to Naira Rate Series': Today’s Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 29 July 2025
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