NGN Market Update
11 Jun 2026 • 00:30 GMT
The Nigerian Naira (NGN) remains relatively stable against the US dollar, trading near 30-day highs around 0.000735, which is just 0.5% above its three-month average. Over recent weeks, the NGN has held within a narrow range of 0.000717 to 0.000745, showing steady momentum.
Recent central bank actions, including the injection of $7.5 billion into the forex market earlier this year, have helped improve confidence and support the naira. Additionally, with the return of licensed bureau de change operators and ongoing reforms, the market remains cautiously positive. Analysts expect the NGN could trade between N1,400 and N1,500 against the dollar through 2026, supported by rising external reserves, oil sector stability, and diaspora remittances. However, the currency's trajectory will likely depend on global crude prices and Nigeria's ability to implement reforms smoothly.
In summary, the naira's outlook is cautiously optimistic, with recent stability and supportive policies providing a favorable environment for its gradual strengthening.