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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 reflect a complex interplay of factors affecting both currencies. The US dollar has shown resilience, buoyed by safe-haven flows amid heightened global risk aversion. Analysts attribute this partly to the recent increase in tariffs on Indian goods imposed by the U.S., which has contributed to a risk-off sentiment in the markets. Upcoming economic data, including the second estimate of U.S. GDP growth and jobless claims, may further influence the dollar's trajectory.

Key dynamics influencing the USD include the transition in the Federal Reserve leadership, discussions surrounding upcoming inflation data, and ongoing trade tensions with China. Additionally, movements towards dedollarization by other nations and proposals like the Mar-a-Lago Accord aim to recalibrate the dollar's status, which may impact its value on the global stage.

On the other side, the Nigerian naira faces pressures linked to lower oil prices, which have recently fallen to around $68 per barrel. The IMF has recommended budget adjustments for Nigeria due to these declining prices, emphasizing the need for fiscal stability. While the Central Bank of Nigeria's reforms have enhanced foreign exchange liquidity, the naira's future remains uncertain amid projections of a potential 6% depreciation against the dollar in the next year, driven by global financial volatility.

Current market data shows the USD to NGN at around 1536, slightly below its three-month average, reflecting a relatively stable trading range. However, any significant fluctuations in oil prices could lead to further instability for the naira. Recent oil price data indicates volatility, trading in a range between $62.78 to $78.85, amplifying the correlation between oil prices and the naira's value.

Overall, currency analysts caution that the interplay of these factors could lead to fluctuations in the USD/NGN exchange rate, urging businesses and individuals to closely monitor these developments to optimize their international transactions.

 

US dollar to Nigerian naira - USD/NGN Trend

 
USD to NGN at 1536 is just below its 3-month average, having traded in a quite stable 4.6% range from 1521 to 1591
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1 USD =
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NGN
 
1d +0.1%
30d highs
 
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