NGN Market Update
23 May 2026 • 01:26 GMT
The Nigerian naira (NGN) remains relatively stable against the US dollar, trading just below the 3-month average at around 0.000729. Over recent weeks, NGN/USD has stayed within a tight range of 0.000715 to 0.000745, reflecting cautious optimism amid ongoing government efforts to stabilize the currency. The Central Bank of Nigeria's positive interventions, including the injection of $7.5 billion into the Forex market, have helped support the naira’s value.
Looking ahead, the naira is expected to stay within the N1,400 to N1,500 per dollar range throughout 2026, thanks to improved oil revenues, foreign investment inflows, and policy reforms. Additionally, with the return of licensed bureau de change operators to the official market, retail access to foreign currency should improve, further stabilizing the exchange rate.
While external factors such as global interest rate trends and oil prices influence the currency outlook, experts are optimistic about the naira's prospects — potentially strengthening gradually as Nigeria continues implementing policies to attract capital and manage inflation. Overall, the NGN remains steady in a cautiously optimistic environment, keeping close to its recent range.