NGN Market Update
18 Jun 2026 • 00:41 GMT
The Nigerian Naira is trading near recent 30-day highs against the US dollar, approaching 0.000736, which is just half a percent above its three-month average. Despite steady trading within a narrow 3.2% range, the naira remains influenced by recent positive developments including the Central Bank of Nigeria's (CBN) interventions and policy changes. In particular, the CBN's $7.5 billion market injection earlier this year has helped support the naira and has aligned with forecasts predicting a stable exchange rate around N1,480 to the US dollar in 2026.
While the US dollar holds resilient strength due to ongoing geopolitical tensions and expectations of continued higher interest rates, the naira's outlook remains cautiously optimistic. The easing of some restrictions and renewed access to forex through licensed BDC operators are also easing pressure on the parallel market. Overall, with oil prices holding steady and Nigeria's external reserves increasing, analysts suggest the naira could remain stable in the current range, barring any major shifts in global energy markets or geopolitical tensions.