The dollar is rising against the naira due to a number of factors, including Nigeria's high dependence on imports, declining oil exports, high inflation rate, and the global strength of the US dollar. The CBN has taken steps to try to stabilize the naira, but the currency is likely to continue to decline against the dollar in the near term. And there are a number of reasons why the dollar is rising against the naira. Some of the key factors include:

Nigeria's high dependence on imports. Nigeria imports a wide range of goods and services, from food and fuel to machinery and pharmaceuticals. This means that there is a high demand for dollars to pay for these imports.
Nigeria's declining oil exports. Oil is Nigeria's main export, and the revenue from oil sales is a major source of foreign currency for the country. However, oil production and exports have been declining in recent years, which has reduced the supply of dollars in the economy.
Nigeria's high inflation rate. Inflation in Nigeria is currently at a high of over 20%. This means that the naira is losing its purchasing power, and Nigerians need more naira to buy the same goods and services. This has made the dollar more attractive to investors and businesses.
The global strength of the US dollar. The US dollar is the world's reserve currency, and it has been strengthening against most other currencies in recent months. This is due to a number of factors, including the US Federal Reserve's interest rate hikes and the ongoing war in Ukraine.

The Central Bank of Nigeria (CBN) has taken a number of steps to try to stabilize the naira, including devaluing the currency and imposing restrictions on the foreign exchange market. However, these measures have not been successful in halting the naira's decline against the dollar.

Some additional factors that may be contributing to the rise of the dollar against the naira:

Speculation. Currency traders may be speculating on the further devaluation of the naira, and buying dollars in anticipation of a profit.
Risk Aversion. Investors may be becoming more risk-averse and selling off their naira assets in favor of more stable currencies, such as the US dollar.
Political and Economic Uncertainty. Nigeria is facing a number of political and economic challenges, including insecurity, corruption, and a high unemployment rate. This uncertainty may be deterring foreign investment and leading to capital flight.

Overall, the rise of the dollar against the naira is a complex issue with a number of contributing factors. The CBN is likely to continue to take steps to try to stabilize the naira, but it is unclear when the currency will start to appreciate against the dollar.