NGN Market Update
16 Apr 2026 • 00:43 GMT
The Nigerian Naira (NGN) has recently strengthened slightly against the US dollar, trading near 30-day highs around 0.000744. This reflects a 2.3% rise above its 3-month average of 0.000727. The NGN's recent gains are supported by Nigeria's improved foreign exchange measures and increased dollar inflows, including renewed access to official FX channels.
Despite the recent stability, the NGN remains within a relatively narrow range, and experts expect it to trade between N1,400 and N1,500 per dollar in the near future. Oil price improvements and rising foreign investments continue to provide support, but market sentiment and global oil prices will be key drivers.
Meanwhile, the USD itself has been weakening slightly, influenced by softer US inflation data and optimism over US-Iran talks, keeping the dollar near multi-week lows. Traders should watch for any geopolitical developments or US economic data releases that could influence the dollar’s strength and, in turn, impact the NGN. Overall, the outlook remains cautiously optimistic, with a focus on Nigeria’s economic reforms and external market conditions.