NGN Market Update
06 Jun 2026 • 01:26 GMT
The Nigerian naira has been slightly stronger against the US dollar recently, trading near 14-day highs around N1,430 per USD, just 0.5% above its three-month average. This stability is supported by recent measures from the Central Bank of Nigeria, including the revival of licensed bureau de change operators and increased foreign exchange inflows from the oil sector. Experts expect the naira to stay within N1,400 to N1,500 in 2026, aided by improving reserves, government reforms, and steady remittances.
While the USD has experienced some weekly gains due to safe-haven demand driven by geopolitical tensions and U.S. economic resilience, the naira’s outlook remains cautiously optimistic. The current stability stems partly from Nigeria’s efforts to bolster forex liquidity and macroeconomic reforms. However, global uncertainties could influence the dollar’s direction, so continued monitoring of geopolitical developments and Nigeria’s economic policies is advised. Overall, the naira is maintaining a stable position against the USD, with some upside potential if reforms and stability measures persist.