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Nigerian naira Markets

NGN Currency Update - Our review of Nigerian naira forecasts and news plus charts and historic rates. Check NGN Trends over various time periods.

 

Recent forecasts for the USD to NGN exchange rate suggest a period of stability with potential for fluctuations influenced by both US and Nigerian economic developments. The US dollar (USD) has shown signs of losing momentum following a recent bullish phase. The moderation of consumer confidence, highlighted by a slight drop in the University of Michigan's consumer sentiment index, indicates a cautious outlook for the USD amidst ongoing challenges, including a potential government shutdown and shifts in Federal Reserve leadership. Analysts believe these factors could affect the USD's strength in the near term, particularly as upcoming inflation data may influence interest rate decisions.

For the Nigerian naira (NGN), significant events have emerged that could impact its valuation. The International Monetary Fund’s recent consultation underscored improvements in Nigeria’s macroeconomic stability, but concerns linger. Notably, the Dangote Refinery's decision to halt petrol sales in naira could exert downward pressure on the currency as it forces marketers to transact in USD. Furthermore, high food prices and overall economic challenges remain a strain on Nigerian households, despite supportive policy reforms.

Market data reflects that the USD is currently valued at approximately 1464 NGN, which is about 3.2% lower than its three-month average of 1513 NGN. The exchange rate has experienced a fair degree of stability within a 5.2% range, demonstrating resilience in the face of global market volatility. Oil prices, a vital component for Nigeria's economy, are also determining factors in the NGN’s performance. Currently, oil prices are trading at 63.34 USD, significantly below their three-month average of 67.43 USD, suggesting that further declines could lead to increased pressures on the NGN.

Analysts from various financial institutions expect the USD to remain influenced by global market trends and local economic indicators. With the ongoing uncertainty surrounding oil markets, combined with the political and economic landscape in the US and Nigeria, businesses and individuals engaging in international transactions should stay informed to navigate potential exchange rate fluctuations effectively.

 

US dollar to Nigerian naira - USD/NGN Trend

 
USD to NGN at 1464 is 3.2% below its 3-month average of 1513, having traded in a quite stable 5.2% range from 1463 to 1539
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1 USD =
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NGN
 
90dLows
1d+0.1%
 
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