Market News
Naira Decouples from Oil as Confidence in Nigerian Reforms Grows - BLOOMBERG
By Anthony Osae-Brown and Emele Onu
Nigeria’s currency appears to be decoupling from the price of oil, the nation’s main foreign-exchange earner.
After some initial volatility in the first half, the naira stabilized even as oil prices fell.
Analysts from Deutsche Bank AG to Cardinal Stone expect the Nigerian currency to end the year near 1,556 per dollar — its average exchange rate in the first six months of 2025 after it slumped 41% in 2024.
It traded around 1,530 on Tuesday, largely flat on a year-to-date basis.
