NGN Market Update
20 Jun 2026 • 01:24 GMT
The Nigerian Naira (NGN) has been relatively stable against the US dollar this week, trading near 7-day lows close to 0.000735. Over the past week, NGN has traded within a narrow range, just above its 3-month average, reflecting cautious optimism amid ongoing economic reforms and dollar supply efforts by the Central Bank of Nigeria (CBN).
The CBN's recent intervention, including increased forex sales and the return of licensed bureau de change operators, has supported stability and improved access to foreign currency. Experts expect the naira to hold within the N1,400 to N1,500 range against the dollar in the coming months, driven by rising reserves and oil sector reforms.
Meanwhile, the US dollar has eased somewhat due to risk assets rallying and concerns over geopolitical tensions in the Strait of Hormuz temporarily easing. However, market focus remains on upcoming US Federal Reserve policy decisions and geopolitical developments that could influence the dollar’s strength.
Overall, the NGN remains steady, maintaining a cautious outlook as Nigeria’s economy benefits from policy reforms and global oil price stability. Investors should watch for further policy shifts and external factors that could impact exchange rates in the near term.