NGN Market Update
13 May 2026 • 00:41 GMT
The Nigerian Naira (NGN) remains near its 7-day lows against the US dollar, trading close to 0.000730. This is slightly below its recent three-month average, indicating a modest weakening in the short term. The NGN has traded within a narrow range from 0.000715 to 0.000746, showing relative stability but also caution among traders.
Looking ahead, supported by recent government interventions and positive economic outlooks, analysts expect the NGN to hold a range around N1,400 to N1,500 per dollar throughout 2026. The Central Bank of Nigeria's efforts, including injecting $7.5 billion into FX markets and resuming operations with licensed bureau de change operators, aim to stabilize rates and improve access to foreign currency.
In addition, rising external reserves, strong oil prices, and diaspora remittances are expected to bolster the naira's resilience. While the currency has experienced some softness against the dollar, these supportive factors suggest the NGN should maintain its current trading range in the near term, with potential for slight appreciation as reforms take hold.