NGN Market Update
05 May 2026 • 00:42 GMT
The Nigerian naira has recently stayed stable against the US dollar around 0.000729, just below its three-month average. It has traded within a narrow range, from 0.000715 to 0.000746, reflecting a balanced market.
In Nigeria, the Central Bank (CBN) has been active, injecting $7.5 billion into the forex market earlier this year, which contributed to some naira appreciation. Policymakers are optimistic about the currency’s outlook, expecting it to trade between N1,400 and N1,500 per dollar in 2026, supported by oil sector reforms and rising foreign inflows. Additionally, recent moves allowing licensed currency operators to access official FX markets aim to ease retail pressure.
While external factors like oil prices and global economic conditions influence the naira, the currency remains relatively stable at present, with analysts projecting a cautiously positive outlook. As the Nigerian economy benefits from improved policies and higher reserves, the naira’s steady performance reflects market confidence in the country’s economic direction this year.