NGN Market Update
16 Jul 2026 • 00:47 GMT
The Nigerian naira remains relatively stable against the US dollar, trading near 7-day highs close to 0.000727. This level is just slightly below its three-month average of 0.000732, indicating limited short-term fluctuations within a narrow 2.9% range. Recent interventions by the Central Bank of Nigeria, including injecting $7.5 billion into the forex market, have helped support the naira, which is projected to trade between N1,400 and N1,500 per dollar throughout 2026.
While geopolitical tensions and oil market dynamics continue to influence the USD, the naira's performance remains steady, underpinned by Nigeria's economic reforms and rising reserves. The official market is showing resilience, with the return of bureau de change operators easing retail access for foreign currency.
Overall, the outlook for the naira this year is cautiously optimistic. If Nigeria maintains its policy momentum, combined with stable global oil prices and capital inflows, the currency could experience moderate gains, keeping it within its recent trading range.