Yes — rates shifted, but not dramatically. The naira has moved from last Friday’s exceptional ₦1,343.74 CBN peak to approximately ₦1,356–₦1,362 across Tuesday and Wednesday’s sessions — a weakening of roughly ₦12–₦18. That is a controlled retreat, not a collapse, and the current rate still represents one of the best CBN official levels of Q2 2026.

The driver is entirely geopolitical. Tuesday saw oil spike nearly 3% to Brent $98.48 when it became clear that Vance’s Islamabad trip was on hold — Iran had not responded to US negotiating positions. Markets priced in a higher probability of ceasefire expiry without a deal, and the naira followed the risk-off mood. Then on Tuesday evening Trump announced a ceasefire extension — but with a sting: Iran simultaneously announced through Pakistan that they would not attend talks “under these circumstances.” Oil whipsawed. Brent settled Wednesday around $99.81, WTI around $90.86 — positive territory but hardly a peace-deal crash.

For the naira, the net picture is: ceasefire extended (removes worst-case outcome), Iran not negotiating (removes best-case outcome), oil stuck near $100 (removes the fuel-price-cut catalyst), and the CBN rate settling into a new, slightly softer band of ₦1,355–₦1,365 that is likely to hold until a definitive diplomatic development emerges.