Market News
Nigeria’s Naira Heads for Best Annual Performance Since 2018 - BLOOMBERG
By Emele Onu
Nigeria’s currency is heading for its strongest annual performance in almost a decade, supported by increasing dollar inflows from higher oil prices and remittances.
Analysts expect these inflows to help shield the naira from some of the political risks normally associated with Nigeria’s election season.
Naira Expected to Extend 2026 Rally
The naira is forecast to end the year at approximately N1,290 per U.S. dollar, compared with N1,328.92 per dollar currently, according to the average forecast of four analysts surveyed by Bloomberg.
The currency has already appreciated by around 8% this year.
If it reaches the analysts’ year-end forecast, its annual gain would increase to almost 12%, representing its strongest yearly advance since at least 2018.
